Freenome (NASDAQ:FRNM) Shares Up 9.3% – Time to Buy?

Freenome (NASDAQ:FRNM) was up 9.3% during mid-day trading on Tuesday. The stock traded as high as $13.55 and last traded at $13.7350. Approximately 97,561 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 862,420 shares. The stock had previously closed at $12.57.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FRNM. BTIG Research started coverage on Freenome in a research note on Monday, August 17th. They issued a “buy” rating and a $17.00 price target for the company. Weiss Ratings started coverage on Freenome in a report on Monday, August 24th. They issued a “sell (d+)” rating for the company. Wall Street Zen raised Freenome to a “sell” rating in a research note on Saturday, September 26th. Jefferies Financial Group started coverage on Freenome in a research report on Monday, August 17th. They issued a “buy” rating and a $17.00 target price on the stock. Finally, TD Cowen began coverage on shares of Freenome in a report on Tuesday, August 18th. They issued a “buy” rating and a $17.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Freenome Stock Down 0.4%

The firm’s fifty day moving average is $14.85.

Freenome Company Profile

Freenome is a biotechnology company developing blood-based tests designed to detect cancer at an early stage. Its platform combines artificial intelligence with multiomics, including genomic, epigenomic and proteomic signals found in blood, to identify patterns associated with cancer.

The company has focused its research and clinical development efforts on screening for colorectal cancer and other common cancers. Freenome’s products are intended to support noninvasive screening and may complement or provide an alternative to certain conventional screening methods, subject to regulatory review and approval.

Founded in 2014, Freenome is headquartered in South San Francisco, California.