Traders Purchase High Volume of Call Options on Chembio Diagnostics (NASDAQ:CEMI)

Chembio Diagnostics, Inc. (NASDAQ:CEMI) was the target of some unusual options trading activity on Wednesday. Investors acquired 12,922 call options on the company. This represents an increase of 1,101% compared to the average daily volume of 1,076 call options.

Shares of CEMI traded up $3.43 during trading on Wednesday, reaching $5.49. 3,098,759 shares of the company traded hands, compared to its average volume of 455,264. Chembio Diagnostics has a twelve month low of $2.06 and a twelve month high of $8.75. The firm has a market cap of $111.17 million, a PE ratio of -3.13 and a beta of 1.85. The business’s 50-day moving average is $3.00. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.86 and a current ratio of 3.42.

Chembio Diagnostics (NASDAQ:CEMI) last announced its quarterly earnings results on Thursday, May 6th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.08. The business had revenue of $8.72 million during the quarter. Chembio Diagnostics had a negative net margin of 72.88% and a negative return on equity of 79.63%. Sell-side analysts predict that Chembio Diagnostics will post -1.13 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. grew its holdings in shares of Chembio Diagnostics by 50.0% in the first quarter. Phocas Financial Corp. now owns 30,000 shares of the company’s stock valued at $105,000 after purchasing an additional 10,000 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Chembio Diagnostics in the first quarter valued at approximately $65,000. Jane Street Group LLC grew its holdings in shares of Chembio Diagnostics by 254.7% in the first quarter. Jane Street Group LLC now owns 11,124 shares of the company’s stock valued at $39,000 after purchasing an additional 18,313 shares in the last quarter. PDT Partners LLC acquired a new position in shares of Chembio Diagnostics in the first quarter valued at approximately $81,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Chembio Diagnostics by 16.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 45,124 shares of the company’s stock valued at $158,000 after purchasing an additional 6,521 shares in the last quarter. Hedge funds and other institutional investors own 34.04% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of Chembio Diagnostics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 7th.

Chembio Diagnostics Company Profile

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, Hepatitis C, chikungunya, Chagas, ebola, leishmaniasis, lassa, marburg, leptospirosis, Rickettsia, and Burkholderia diseases.

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