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beno

 

CODX

Feb 26, 2020 13:15


Tags:

Swing Frontside Scalping LIVE Intraday Frontside HTB First Test Confluence-Half$

Fundamentals

As of: Sept 30 2019
Shares Outstanding (latest from broker): 17.3m
Cash: 2.544m (Jan 28 2020: +$5m closed offering, Feb 13 2020: $10.2m closed offering)
Current liabilities: 307k
Current ratio: 10
NWC (total current assets - total current liabilities): 2.777m
Accumulated deficit: 23.154m
Book value per share (Stock holder equity / Shares outstanding): 0.192
Monthly Burn rate (net cash used in operating activities / months): 433k
Estimated current cash: 15.58m (counting recent offerings)
Baby Shelf Exemption price per share: 4.33

Catalysts / News / Painting the picture

Enough cash for 35 months
$25m S-3 Aug 2018, $4.3m left
Prospectus 2019-02-04 for $5.5m @ $1.4
Warrants: 1m @ 2.73
PR on Coronavirus: Co-Diagnostics, Inc. Designs Test for New Coronavirus Using CoPrimer Platform
Receives CE (Europe approved) Mark for Novel Coronavirus Test

Technical Analysis

-All day runner
-New ATH's

Original Plan / Strategy

First Test long of 8.70 by 8.50 level with half dollar confluence

Review

Had no fantasy orders as I feared a bigger drop and didn't want to get caught. Manually entered with only two lots and took profits quickly.

Lessons Learned:
Could have potentially made more had I spaced out my exits and waited for a bigger move.


Execution detail:

Date/time Symbol Side Price Position
2020-02-26 13:15:53 CODX buy $7.680 long
2020-02-26 13:15:59 CODX buy $7.570 long
2020-02-26 13:16:25 CODX sell $7.870 long
2020-02-26 13:16:39 CODX sell $7.833 0


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