Biomerica, Inc. (NASDAQ:BMRA) Sees Significant Decline in Short Interest

Biomerica, Inc. (NASDAQ:BMRA) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 10,485 shares, a drop of 62.1% from the September 30th total of 27,659 shares. Based on an average daily volume of 14,229 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.4% of the shares of the company are sold short.

Biomerica Price Performance

NASDAQ:BMRA opened at $1.75 on Thursday. The firm has a market cap of $5.41 million, a PE ratio of -1.07 and a beta of 0.38. The company has a 50-day moving average of $2.06 and a 200 day moving average of $2.06. Biomerica has a 1-year low of $1.45 and a 1-year high of $2.96.

Biomerica (NASDAQ:BMRA) last released its quarterly earnings results on Wednesday, October 21st. The company reported ($0.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.83. Biomerica had a negative net margin of 115.50% and a negative return on equity of 142.81%. The business had revenue of $1.26 million for the quarter, compared to analysts’ expectations of $3.63 million.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Biomerica from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 14th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Biomerica currently has a consensus rating of “Sell” and an average price target of $9.00.

Insider Transactions at Biomerica

In other news, CEO Zackary S. Irani bought 31,250 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were bought at an average price of $1.60 per share, for a total transaction of $50,000.00. Following the purchase, the chief executive officer owned 242,570 shares in the company, valued at $388,112. This represents a 14.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Allen Barbieri acquired 20,000 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was acquired at an average cost of $1.60 per share, with a total value of $32,000.00. Following the purchase, the insider owned 73,542 shares of the company’s stock, valued at approximately $117,667.20. This trade represents a 37.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 92,500 shares of company stock valued at $148,000 over the last quarter. 12.30% of the stock is currently owned by company insiders.

Institutional Trading of Biomerica

An institutional investor recently bought a new position in Biomerica stock. BlackRock Inc. purchased a new position in shares of Biomerica, Inc. (NASDAQ:BMRA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,636 shares of the company’s stock, valued at approximately $33,000. BlackRock Inc. owned approximately 0.60% of Biomerica as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 22.28% of the company’s stock.

Biomerica Company Profile

Biomerica, Inc is a medical diagnostics company that develops, manufactures and commercializes products designed to help diagnose and manage gastrointestinal and other health conditions. Its offerings are intended for use by physicians, laboratories and consumers, depending on the product.

The company’s principal product is inFoods IBS, a blood-based diagnostic and therapeutic system designed to identify foods that may contribute to symptoms associated with irritable bowel syndrome. The system is intended to support a personalized dietary program under the direction of a healthcare professional.