Biomerica, Inc. (NASDAQ:BMRA) Sees Large Growth in Short Interest

Biomerica, Inc. (NASDAQ:BMRA) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 57,854 shares, a growth of 215.6% from the August 15th total of 18,333 shares. Based on an average trading volume of 319,263 shares, the days-to-cover ratio is currently 0.2 days. Currently, 2.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomerica in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Biomerica has an average rating of “Sell” and an average price target of $9.00.

Insider Buying and Selling

In related news, Director M. Huff Gary purchased 31,250 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average price of $1.60 per share, for a total transaction of $50,000.00. Following the completion of the acquisition, the director directly owned 51,250 shares in the company, valued at approximately $82,000. The trade was a 156.25% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Zackary S. Irani acquired 31,250 shares of Biomerica stock in a transaction on Wednesday, August 26th. The shares were bought at an average cost of $1.60 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the chief executive officer owned 242,570 shares in the company, valued at approximately $388,112. This trade represents a 14.79% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 92,500 shares of company stock valued at $148,000 over the last quarter. 18.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

Biomerica Stock Performance

Shares of BMRA traded up $0.07 during trading hours on Monday, hitting $2.31. The company had a trading volume of 2,676 shares, compared to its average volume of 37,780. The firm has a fifty day moving average price of $1.76 and a 200-day moving average price of $1.99. The stock has a market capitalization of $7.15 million, a price-to-earnings ratio of -1.77 and a beta of 0.37. Biomerica has a 52-week low of $1.45 and a 52-week high of $3.21.

Biomerica (NASDAQ:BMRA) last issued its earnings results on Monday, August 31st. The company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.82. Biomerica had a negative return on equity of 97.19% and a negative net margin of 84.79%.The business had revenue of $0.88 million during the quarter, compared to analyst estimates of $3.63 million.

About Biomerica

Biomerica, Inc is a developer, manufacturer and marketer of in vitro diagnostic tests for clinical diagnostic, life science research and food safety applications. The company’s product portfolio includes enzyme-linked immunosorbent assays (ELISAs), lateral flow immunoassays, point-of-care devices and specialty reagents designed to aid in the detection and monitoring of gastrointestinal, metabolic and autoimmune conditions. Biomerica’s diagnostics are used by hospitals, clinical and reference laboratories, and research institutions seeking solutions for early disease detection and patient management.

Key offerings from Biomerica include serological tests for celiac disease and gluten intolerance, quantitative assays for colorectal cancer screening markers such as M2-PK, and a range of point-of-care kits for metabolic monitoring.