Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Chembio Diagnostics (CEMI) yesterday and set a price target of $9. The company’s shares closed yesterday at $6.66.
Massaro said:
“We attended Chembio’s first ever analyst day this week, and come away encouraged as management initiated a solid 5-year revenue target of $100M (implies a +25% 5- year CAGR), a clip above our thinking. CEMI also disclosed which disease state they are developing a diagnostic test for on behalf of AstraZeneca, which we think was misunderstood by investors given a lack of awareness of eosinophilic respiratory disease. We like CEMI (we initiated coverage last month) given its best-in-class test accuracy, unique ability to multiplex and provide rapid quantitative results, low valuation, and upside through its work with several third parties. For investors that can own a $100M market cap, we encourage investors to do work on CEMI, who we think can drive top line rev. growth of at least 15-20%+ over the next 3 years. Reiterate BUY, $9 PT.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 15.1% and a 56.2% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
Chembio Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $10.50.
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The company has a one-year high of $11.55 and a one-year low of $4.85. Currently, Chembio Diagnostics has an average volume of 86.63K.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CEMI in relation to earlier this year.
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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.
