What Made Canaccord Genuity Downgrade Chembio Diagnostics’ Stock?


In a report released yesterday, Max Masucci from Canaccord Genuity downgraded Chembio Diagnostics (CEMI) to Hold, with a price target of $7.00. The company’s shares closed last Tuesday at $9.93.

According to TipRanks.com, Masucci is a 5-star analyst with an average return of 46.1% and a 75.8% success rate. Masucci covers the Healthcare sector, focusing on stocks such as Castle Biosciences, Guardant Health, and Exact Sciences.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Chembio Diagnostics with a $17.75 average price target.

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Based on Chembio Diagnostics’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.86 million and GAAP net loss of $5 million. In comparison, last year the company earned revenue of $8.54 million and had a GAAP net loss of $2.82 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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