Chembio Diagnostics (CEMI) Shares Down 11.2%

Chembio Diagnostics Inc (NASDAQ:CEMI)’s share price was down 11.2% on Thursday . The stock traded as low as $7.16 and last traded at $7.30. Approximately 1,131,243 shares traded hands during mid-day trading, an increase of 3,272% from the average daily volume of 33,553 shares. The stock had previously closed at $8.22.

Separately, Benchmark started coverage on shares of Chembio Diagnostics in a report on Wednesday, July 11th. They issued a “buy” rating and a $14.00 target price on the stock.

The company has a current ratio of 3.53, a quick ratio of 2.58 and a debt-to-equity ratio of 0.02. The firm has a market cap of $101.95 million, a price-to-earnings ratio of -13.56 and a beta of 1.46.

Chembio Diagnostics (NASDAQ:CEMI) last posted its earnings results on Wednesday, August 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The firm had revenue of $8.72 million during the quarter, compared to analyst estimates of $6.94 million. Chembio Diagnostics had a negative net margin of 16.54% and a negative return on equity of 26.91%. On average, research analysts expect that Chembio Diagnostics Inc will post -0.44 EPS for the current year.

A number of large investors have recently bought and sold shares of CEMI. Wells Fargo & Company MN lifted its holdings in shares of Chembio Diagnostics by 7.3% in the 3rd quarter. Wells Fargo & Company MN now owns 144,550 shares of the company’s stock worth $1,518,000 after acquiring an additional 9,800 shares during the last quarter. Ingalls & Snyder LLC acquired a new position in shares of Chembio Diagnostics in the 3rd quarter worth approximately $3,196,000. Acuta Capital Partners LLC lifted its holdings in shares of Chembio Diagnostics by 1.2% in the 2nd quarter. Acuta Capital Partners LLC now owns 2,030,533 shares of the company’s stock worth $22,539,000 after acquiring an additional 23,866 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Chembio Diagnostics in the 2nd quarter worth approximately $241,000. Finally, Cortina Asset Management LLC lifted its holdings in shares of Chembio Diagnostics by 23.1% in the 2nd quarter. Cortina Asset Management LLC now owns 645,718 shares of the company’s stock worth $7,167,000 after acquiring an additional 121,330 shares during the last quarter. Institutional investors own 44.06% of the company’s stock.

Chembio Diagnostics Company Profile (NASDAQ:CEMI)

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

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