In a report released today, Max Masucci from Canaccord Genuity maintained a Buy rating on Chembio Diagnostics (CEMI), with a price target of $12.00. The company’s shares closed last Wednesday at $10.09, close to its 52-week high of $10.49.
According to TipRanks.com, Masucci is a 4-star analyst with an average return of 15.2% and a 45.5% success rate. Masucci covers the Healthcare sector, focusing on stocks such as Castle Biosciences, Guardant Health, and Exact Sciences.
Chembio Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $9.50, implying a -5.4% downside from current levels. In a report issued on April 1, Benchmark Co. also maintained a Buy rating on the stock with a $7.00 price target.
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Based on Chembio Diagnostics’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $6.85 million and GAAP net loss of $3.89 million. In comparison, last year the company earned revenue of $7.77 million and had a GAAP net loss of $3.17 million.
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Chembio Diagnostics, Inc. develops, manufactures, markets and licenses rapid point-of-care diagnostic tests that detect infectious diseases. Its products include human and veterinary diagnostics. The company was founded in 1985 and is headquartered in Medford, NY.
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