Chembio Diagnostics’ (CEMI) “Buy” Rating Reiterated at Canaccord Genuity

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Chembio Diagnostics (NASDAQ:CEMI)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a note issued to investors on Thursday, TipRanks reports. They presently have a $7.00 price target on the stock. Canaccord Genuity’s price target would suggest a potential upside of 35.66% from the stock’s current price.

Several other analysts have also recently commented on the stock. Benchmark reduced their price objective on shares of Chembio Diagnostics from $9.00 to $5.00 and set a “speculative buy” rating for the company in a research note on Wednesday, March 4th. ValuEngine upgraded shares of Chembio Diagnostics from a “hold” rating to a “buy” rating in a report on Tuesday, January 7th.

Shares of NASDAQ CEMI opened at $5.16 on Thursday. The company has a quick ratio of 3.51, a current ratio of 5.00 and a debt-to-equity ratio of 1.03. Chembio Diagnostics has a 52 week low of $2.25 and a 52 week high of $7.90. The firm has a 50-day moving average price of $3.76 and a 200 day moving average price of $4.70. The stock has a market capitalization of $69.52 million, a price-to-earnings ratio of -6.45 and a beta of 1.34.

Chembio Diagnostics (NASDAQ:CEMI) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.24) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.01. Chembio Diagnostics had a negative net margin of 39.68% and a negative return on equity of 48.81%. The firm had revenue of $6.85 million during the quarter. Equities research analysts expect that Chembio Diagnostics will post -0.62 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of CEMI. Marshall Wace North America L.P. purchased a new position in Chembio Diagnostics during the 1st quarter valued at about $48,000. Russell Investments Group Ltd. purchased a new position in Chembio Diagnostics during the 3rd quarter valued at about $110,000. Ingalls & Snyder LLC increased its holdings in Chembio Diagnostics by 2.0% during the 4th quarter. Ingalls & Snyder LLC now owns 309,244 shares of the company’s stock valued at $1,410,000 after acquiring an additional 6,000 shares in the last quarter. Penbrook Management LLC increased its holdings in Chembio Diagnostics by 32.0% during the 4th quarter. Penbrook Management LLC now owns 163,640 shares of the company’s stock valued at $746,000 after acquiring an additional 39,690 shares in the last quarter. Finally, Conestoga Capital Advisors LLC increased its holdings in Chembio Diagnostics by 300.3% during the 4th quarter. Conestoga Capital Advisors LLC now owns 116,075 shares of the company’s stock valued at $529,000 after acquiring an additional 87,075 shares in the last quarter. Hedge funds and other institutional investors own 40.73% of the company’s stock.

About Chembio Diagnostics

Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company offers tests for HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue virus, chikungunya virus, ebola, lassa, marburg, leptospirosis, Rickettsia typhi, Burkholderia pseudomallei, and Orientia tsutsugamushi.

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