In a report released today, Mark Massaro from Canaccord Genuity maintained a Buy rating on Chembio Diagnostics (CEMI), with a price target of $9. The company’s shares closed on Friday at $6.
Massaro wrote:
“We like CEMI, which we believe is an underappreciated small-cap growth stock poised for further growth given its best-in-class point-of-care test accuracy, unique ability to multiplex, and ability to provide quantitative results. We see upside from a number of global collaborations that remain in early stages. We reiterate our BUY rating on Chembio and $9 price target. 2019 guide surprises. We were pleasantly surprised that Chembio initiated its first-ever full-year guide, of $36-40M of revenue, implying growth of +8-20% Y/Y. We believe this guide is important and speaks to the growing visibility the company has to its sources of revenue (including large existing orders with for example). That said, the guide came in below consensus’ $40.3M and below our $39M at the midpoint.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 15.6% and a 56.5% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Chembio Diagnostics with a $10.50 average price target.
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Based on Chembio Diagnostics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $3.2 million. In comparison, last year the company had a GAAP net loss of $2 million.
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Chembio Diagnostics, Inc. develops, manufactures, markets and licenses rapid point-of-care diagnostic tests that detect infectious diseases. It sells its products under its STAT PAK, SURE CHECK, DPP and SampleTainer trademarks. The company was founded in 1985 and is headquartered in Medford, NY.
