Chembio Diagnostics (NASDAQ:CEMI) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Chembio Diagnostics (NASDAQ:CEMI) from a sell rating to a hold rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “CHEMBIO DIAGNOSTICS, INC. develops, manufactures, licenses and markets proprietary rapid diagnostic tests in the growing $5 billion point-of-care testing market. Chembio’s two FDA PMA-approved, CLIA-waived, rapid HIV tests are marketed in the U.S. by a third party company. Chembio markets its HIV STAT-PAK line of rapid HIV tests internationally to government and donor-funded programs directly and through distributors. Chembio also has rapid tests for veterinary tuberculosis and chagas disease. In 2007 Chembio received a U.S. patent for its Dual Path Platform technology which has significant advantages over lateral-flow technologies. This technology is providing Chembio with a significant pipeline of business opportunities for the development and manufacture of new products based on DPP. Chembio is licensed by the U.S. Food and Drug Administration as well as the U. S. Department of Agriculture, and is certified for the global market under the International Standards Organization directive 13.485. “

Separately, Colliers Securities cut Chembio Diagnostics from a buy rating to a neutral rating in a research report on Wednesday, July 21st.

Shares of NASDAQ:CEMI opened at $2.55 on Monday. Chembio Diagnostics has a 52-week low of $2.06 and a 52-week high of $8.75. The stock has a market cap of $72.99 million, a P/E ratio of -1.96 and a beta of 1.88. The business’s 50 day moving average is $2.63 and its 200 day moving average is $3.09. The company has a quick ratio of 1.02, a current ratio of 2.69 and a debt-to-equity ratio of 1.23.

Chembio Diagnostics (NASDAQ:CEMI) last announced its earnings results on Thursday, August 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.07). The company had revenue of $6.46 million for the quarter. Chembio Diagnostics had a negative net margin of 73.54% and a negative return on equity of 96.87%. On average, sell-side analysts anticipate that Chembio Diagnostics will post -0.92 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Penbrook Management LLC grew its position in Chembio Diagnostics by 1.8% during the 2nd quarter. Penbrook Management LLC now owns 355,270 shares of the company’s stock worth $1,055,000 after purchasing an additional 6,310 shares during the period. Price T Rowe Associates Inc. MD grew its position in Chembio Diagnostics by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,124 shares of the company’s stock worth $158,000 after purchasing an additional 6,521 shares during the period. Marshall Wace North America L.P. acquired a new stake in Chembio Diagnostics during the 1st quarter worth about $48,000. Phocas Financial Corp. grew its position in Chembio Diagnostics by 50.0% during the 1st quarter. Phocas Financial Corp. now owns 30,000 shares of the company’s stock worth $105,000 after purchasing an additional 10,000 shares during the period. Finally, Barclays PLC grew its position in Chembio Diagnostics by 159.1% during the 1st quarter. Barclays PLC now owns 16,516 shares of the company’s stock worth $58,000 after purchasing an additional 10,141 shares during the period. 16.68% of the stock is currently owned by institutional investors.

About Chembio Diagnostics

Chembio Diagnostics, Inc engages in the developing, manufacturing, marketing, and licensing rapid medical tests. It offers rapid point-of-care tests for infectious, tropical and fever, and respiratory diseases; handheld analyzers; and veterinary products. The firm distributes its products to hospitals and clinics, physician offices, clinical laboratories, public health organizations, government agencies, and consumers.

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