Chembio Diagnostics, Inc. (CEMI) Raised to Sell at ValuEngine

Chembio Diagnostics, Inc. (NASDAQ:CEMI) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Friday.

Shares of Chembio Diagnostics (CEMI) opened at 6.15 on Friday. The firm’s market capitalization is $75.64 million. Chembio Diagnostics has a 12 month low of $5.05 and a 12 month high of $7.47. The firm has a 50-day moving average price of $6.25 and a 200 day moving average price of $6.06.

Chembio Diagnostics (NASDAQ:CEMI) last posted its earnings results on Wednesday, August 9th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. The company had revenue of $2.89 million for the quarter, compared to the consensus estimate of $4.96 million. Chembio Diagnostics had a negative return on equity of 54.92% and a negative net margin of 87.81%. On average, analysts anticipate that Chembio Diagnostics will post ($0.52) EPS for the current fiscal year.

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In related news, insider Norman H. Pessin bought 36,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The stock was acquired at an average price of $5.48 per share, for a total transaction of $198,650.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 5.56% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. ARS Investment Partners LLC increased its position in Chembio Diagnostics by 29.4% in the second quarter. ARS Investment Partners LLC now owns 671,681 shares of the company’s stock valued at $4,064,000 after buying an additional 152,686 shares during the period. Royce & Associates LP bought a new position in Chembio Diagnostics during the second quarter valued at approximately $132,000. Finally, Wells Fargo & Company MN increased its position in Chembio Diagnostics by 55.4% in the second quarter. Wells Fargo & Company MN now owns 74,186 shares of the company’s stock valued at $449,000 after buying an additional 26,436 shares during the period. Institutional investors and hedge funds own 30.18% of the company’s stock.

About Chembio Diagnostics

Chembio Diagnostics, Inc (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc, develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company’s products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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