Shares of Co-Diagnostics, Inc. (CODX) fell over 24% on May 29, 2026. Investors initiated profit-taking following an extraordinary market rally. The stock surged more than 630% during the previous six trading sessions. Retail trader enthusiasm and significant momentum drove these gains.
The rally began on May 26 when the company announced a new PCR assay. This test targets the Bundibugyo strain of Ebola. The development followed a public health emergency declaration by the World Health Organization.
High trading volume and intense trader interest fueled the price surge. Friday's decline suggests a potential consolidation period for the stock. The move follows a week of unprecedented price volatility.