Freenome (NASDAQ:FRNM) Stock Falls 12.2% – Here’s Why

Freenome (NASDAQ:FRNM) shares traded down 12.2% on Monday. The stock traded as low as $14.01 and last traded at $13.85. Approximately 287,524 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 859,175 shares. The stock had previously closed at $15.78.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. TD Cowen started coverage on shares of Freenome in a research report on Tuesday, August 18th. They set a “buy” rating and a $17.00 price objective for the company. Weiss Ratings assumed coverage on shares of Freenome in a research note on Monday, August 24th. They issued a “sell (d+)” rating for the company. Jefferies Financial Group assumed coverage on shares of Freenome in a report on Monday, August 17th. They issued a “buy” rating and a $17.00 target price on the stock. Leerink Partners assumed coverage on shares of Freenome in a research report on Friday, August 14th. They set an “outperform” rating and a $18.00 target price on the stock. Finally, Guggenheim initiated coverage on shares of Freenome in a report on Thursday, August 20th. They issued a “buy” rating and a $21.00 price target for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Freenome Stock Performance

The firm’s 50-day moving average is $15.25. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -232.18 and a beta of 0.44.

Freenome Company Profile

Freenome is a biotechnology company developing blood-based tests designed to detect cancer at early stages. The company combines artificial intelligence, machine learning and multi-omic analysis of blood samples to identify biological signals associated with cancer, including signals from tumors and the immune system.

Freenome’s primary focus has been the development of noninvasive screening tests for colorectal cancer and other common cancers. Its platform is intended to support earlier detection through routine blood draws, with colorectal cancer screening among the company’s most advanced areas of development.