Co-Diagnostics Stock Falls 28% Despite Saudi Partnership

Co-Diagnostics Inc. CODX shares fell 28.26% to $0.46 in pre-market trading despite a strategic Saudi Arabian partnership. The partnership aims to develop and distribute the Co-Dx PCR platform technology throughout the Middle East and North Africa. Investor sentiment turned bearish, wiping out Monday's gains, which had closed at $0.64.

Co-Diagnostics Inc. (CODX) shares experienced a significant drop of 28.26% to $0.46 in pre-market trading on September 12, 2025, despite the company's announcement of a strategic partnership with a Saudi Arabian entity. This sharp decline occurred despite Monday's dramatic 80.76% surge that had closed at $0.64 Co-Diagnostics Stock Plunges 28% In Pre-Market Despite Strategic Saudi Partnership^[1].

The partnership involves a Memorandum of Understanding (MoU) with a regional manufacturing and distribution company in the Kingdom of Saudi Arabia (KSA) to explore a joint venture (JV) for developing, manufacturing, and selling Co-Dx intellectual property throughout the Middle East and North Africa (MENA) region. The JV aims to distribute the Co-Dx PCR platform technology, which is currently under FDA regulatory review US-based Co-Diagnostics introduces Co-Dx™ PCR platform to Middle East^[2].

Investor sentiment turned bearish, leading to the stock's retreat from Tuesday's dramatic gains. The proposed JV aligns with Saudi Arabia's Vision 2030 initiatives and is expected to benefit from applicable KSA government incentives US-based Co-Diagnostics introduces Co-Dx™ PCR platform to Middle East^[2].

Technical indicators show that the stock has fallen 36% from its peak of $1 on January 6, 2025, to close at $0.64 on September 11, 2025. Despite the price decline, trading volume surged from 1.8 million to 243 million shares, indicating unusual market activity Co-Diagnostics Stock Plunges 28% In Pre-Market Despite Strategic Saudi Partnership^[1].

Co-Diagnostics completed a registered direct offering on August 30, 2025, raising $3.8 million in gross proceeds from the sale of 9,619,000 shares at $0.40 per share Co-Diagnostics, Inc. Announces Closing of $3.8 Million Registered Direct Offering of Common Stock Priced At-The-Market Under Nasdaq Rules^[3]. The company plans to use these funds for working capital and general corporate purposes.