What's Going On With Co-Diagnostics Stock Wednesday?

Co-Diagnostics, Inc. (NASDAQ:CODX) stock is trading higher on Wednesday as the company announced a private placement aimed at raising approximately $3.0 million. Co-Diagnostics Private Placement Details The molecular diagnostics company plans to sell an aggregate of 1,647,447 shares along with warrants to purchase up to 3,294,894 shares. The effective offering price for each share and accompanying warrants is set at $1.821. On Tuesday, Co-Diagnostics said it has completed the assay development strategy for the Bundibugyo virus (BDBV) currently causing an outbreak of Ebola disease in the Democratic Republic of the Congo and Uganda. “We are pleased to report that we have completed the assay development strategy for BDBV, and should a situation arise requiring the assay, we expect we would be well-positioned to execute the strategy and rapidly make the test available,” said Dwight Egan, Co-Diagnostics CEO. Read Also: EXCLUSIVE: Co-Diagnostics Ships Diagnostic Tests To India Ahead Of TB Study Launch On Sunday, the WHO declared an outbreak of Ebola disease caused by BDBV as a public health emergency of international concern. As of May 17, eight laboratory-confirmed cases, 246 suspected cases, and 80 suspected deaths have been reported in the Democratic Republic of the Congo, along with two laboratory-confirmed cases and one reported death in Uganda. CODX Technical Outlook: Key Levels And Momentum From a trend perspective, CODX is still trying to repair longer-term damage. It’s trading about 62.3% below its 200-day SMA ($6.68), and the death cross that formed in January (50-day falling below the 200-day) keeps the bigger-picture bias cautious. The 12-month performance (down 69.09%) reinforces that this is still a recovery attempt, not a confirmed long-term uptrend. In the near term, the stock is acting stronger. It’s 49.4% above the 20-day SMA ($1.69) and 34.2% above the 50-day SMA ($1.88), which tells you the recent rally has real force. The catch is that price is still about 4% below the 100-day SMA ($2.62), so the next step for bulls is proving this bounce can clear intermediate resistance rather than fading back into the prior range. MACD is the cleaner momentum read right now. It’s above its signal line and the histogram is positive, which points to improving upside pressure versus the prior downswing. In plain terms, that “above the signal line” setup often shows sellers are losing control, even if the longer-term trend hasn’t fully flipped yet. Key Resistance: $3.00 — a round-number area where rebounds can stall, especially with the stock still working back toward higher moving averages Co-Diagnostics Price Action CODX Stock Price Activity: Co-Diagnostics shares were up 28.93% at $2.540 at the time of publication on Wednesday, according to Benzinga Pro data. Image via Shutterstock