Initiates Coverage on Chembio Diagnostics (NASDAQ:CEMI)

Equities research analysts at started coverage on shares of Chembio Diagnostics (NASDAQ:CEMIGet Rating) in a research report issued to clients and investors on Monday. The firm set a “hold” rating on the stock.

Chembio Diagnostics Stock Up 3.2 %

Chembio Diagnostics stock opened at $0.26 on Monday. The firm has a market cap of $9.68 million, a price-to-earnings ratio of -0.22 and a beta of 1.72. Chembio Diagnostics has a 52 week low of $0.23 and a 52 week high of $2.33. The business’s 50-day moving average price is $0.35 and its 200 day moving average price is $0.58. The company has a quick ratio of 1.00, a current ratio of 1.22 and a debt-to-equity ratio of 0.01.

Institutional Trading of Chembio Diagnostics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Chembio Diagnostics by 41.4% during the third quarter. Vanguard Group Inc. now owns 1,562,014 shares of the company’s stock worth $564,000 after acquiring an additional 457,450 shares during the period. Bank of New York Mellon Corp acquired a new stake in Chembio Diagnostics in the first quarter valued at approximately $102,000. Renaissance Technologies LLC grew its holdings in Chembio Diagnostics by 383.4% in the third quarter. Renaissance Technologies LLC now owns 113,600 shares of the company’s stock valued at $41,000 after purchasing an additional 90,100 shares during the period. Finally, Signaturefd LLC grew its holdings in Chembio Diagnostics by 98.0% in the third quarter. Signaturefd LLC now owns 69,300 shares of the company’s stock valued at $25,000 after purchasing an additional 34,300 shares during the period. 8.63% of the stock is owned by institutional investors and hedge funds.

About Chembio Diagnostics

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Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company offers tests for COVID-19, HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue, chikungunya, Chagas, ebola, leishmaniasis, lassa, marburg, leptospirosis, rickettsia, and Burkholderia diseases.

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