Co-Diagnostics Stock Plunges 28% In Pre-Market Despite Strategic Saudi Partnership - Co-Diagnostics (NASDAQ:CODX)

Core Insights - Co-Diagnostics Inc. experienced a significant stock price drop of 28.26% to $0.46 in pre-market trading, reversing the previous day's 80.76% surge to $0.64 [1][3] - The company announced a Memorandum of Understanding with a Saudi Arabian partner to explore a joint venture for developing and distributing its Co-Dx™ PCR platform technology in the Middle East and North Africa [2][4] Company Developments - The proposed joint venture will allow the Saudi partner to license Co-Diagnostics' intellectual property, including the upcoming Co-Dx™ PCR point-of-care platform, for the MENA markets [4] - CEO Dwight Egan highlighted the alignment of this initiative with Saudi Arabia's Vision 2030 [5] - The Co-Dx PCR platform is currently under FDA regulatory review and is not yet commercially available [6] Market Context - The stock has seen a decline of 36% from its peak of $1 on January 6, closing at $0.64 recently, despite a surge in trading volume from 1.8 million to 243 million shares [7] - Co-Diagnostics has a market capitalization of $24.85 million and trades within a 52-week range of $0.23 to $1.40 [7] - The company is experiencing long-term consolidation with medium and short-term upward movement according to Benzinga's Edge Stock Rankings [8]