Co-Diagnostics is flashing a rare bearish signal in the options market. The put-call ratio hit 0.75 on May 18 — the highest reading in 52 weeks. The 20-day average PCR was just 0.095. That puts the z-score at 4.33, a statistically extreme reading.
The stock closed at $1.37 on May 18, down 27.9% over the past week. Earnings on May 14 delivered a -19.7% single-day move.
The lending market has been under pressure for two weeks. Cost to borrow peaked at 77.2% on May 11. It has since pulled back to 35.3% — still nearly 30 points above mid-April levels.
Availability tightened sharply through mid-May. On May 13, availability stood at just 13.2% — fewer than one share available for every seven already borrowed. It has since loosened to 50.1%, sitting in tight territory but off the worst levels.
The 52-week low for availability was 0.48%. The market briefly came close to exhausting the lending pool entirely.
The ORTEX short score reached 77.2 on May 12, near the top of its recent range. It has eased to 69.9 as of May 18. That remains materially above the sub-53 readings seen before May 7.
Short interest itself is 0.44% of free float — a low absolute level. The 298% one-month increase reflects a move from near-zero, not a structurally large short base.
Three signals now point in the same direction: a record-high put-call ratio, a still-elevated cost to borrow, and a short score well above its pre-May baseline. The next earnings event is scheduled for August 13. That gives the current positioning several months to play out.
Data summary
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