Biomerica, Inc. (NASDAQ:BMRA)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $7.29, but opened at $5.59. Biomerica shares last traded at $5.55, with a volume of 24,367 shares traded.
The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.06). Biomerica had a negative return on equity of 36.23% and a negative net margin of 34.95%.
Separately, Aegis increased their price target on Biomerica from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, September 4th.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its holdings in shares of Biomerica by 22.3% in the 1st quarter. Wells Fargo & Company MN now owns 7,950 shares of the company’s stock valued at $56,000 after acquiring an additional 1,450 shares during the period. California Public Employees Retirement System purchased a new position in shares of Biomerica in the 2nd quarter valued at $107,000. Morgan Stanley purchased a new position in shares of Biomerica in the 1st quarter valued at $115,000. Virtu Financial LLC purchased a new position in shares of Biomerica in the 2nd quarter valued at $164,000. Finally, Heritage Investors Management Corp increased its holdings in shares of Biomerica by 79.4% in the 2nd quarter. Heritage Investors Management Corp now owns 68,450 shares of the company’s stock valued at $496,000 after acquiring an additional 30,300 shares during the period. Institutional investors own 10.69% of the company’s stock.
The stock has a fifty day moving average price of $7.13 and a 200-day moving average price of $7.54. The firm has a market capitalization of $68.64 million, a PE ratio of -25.39 and a beta of -0.83.
About Biomerica (NASDAQ:BMRA)
Biomerica, Inc, together with its subsidiaries, develops, manufactures, and markets medical diagnostic products for the early detection and monitoring of chronic diseases and medical conditions. The company's diagnostic test kits are used to analyze blood, urine, or fecal samples from patients in the diagnosis of various diseases and other medical complications; or to measure the level of specific hormones, antibodies, antigens, or other substances, which exist in the human body in extremely small concentrations.
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