What happened

An analyst price target cut was the impetus behind Co-Diagnostics' (CODX -0.86%) share price drop on Monday. The biotech's stock lost nearly 4% of its value that day; what didn't help was that the cut was preceded by a recommendation downgrade from a different prognosticator.

So what

Co-Diagnostics is now worth $9 per share, in the estimation of H.C. Wainwright's Raghuram Selvaraju. Previously, the analyst had put a price tag of $12 on the biotech, which is best known to many for its coronavirus diagnostic products.

At least Selvaraju left his buy recommendation on the specialty healthcare company intact. The same can't be said for Sidoti's prognosticator James Sidoti, who downgraded his take on the stock from buy to neutral on Friday morning, at a price target of $5 per share.

Both analysts made their adjustments in the wake of Co-Diagnostics' most recently reported quarter. Last Thursday, the company unveiled its second-quarter figures, which showed some notable deterioration in certain line items. Chief among these was revenue, which eroded significantly to $5 million for the period, against the more than $27 million of the same period a year ago.

In what's hardly a surprise given that decline, Co-Diagnostics flipped to a net loss of $2.7 million, from the second quarter 2021's profit of almost $10 million.

Both headline items badly missed the average analyst estimates.

Now what

Sales of coronavirus testing kits were the powerful motor pushing Co-Diagnostics ahead during the pandemic; with its (apparent) fade, people don't feel the need to be tested as much. In its earnings release, the company indicated its hope for making up for this with such programs including diagnostics for monkeypox. It has yet to prove it can replace the strong performance of those COVID testing kits, however.