Market Overview

UPDATE: Benchmark Company Reiterates Speculative Buy Rating, Lowers PT on Chembio Diagnostics

Related CEMI
Shares Of Chembio Falling After Co. Fails To Provide Timeline On Product Deployment
Chembio Diagnostics' Stock Suddenly Got Interesting

In a report published Wednesday, Benchmark Company reiterated its Speculative Buy rating on Chembio Diagnostics (NASDAQ: CEMI), but lowered its price target from $14.00 to $10.00.

Benchmark noted, “Order volumes have been lumpy with Q4 reportedly benefiting from a record backlog at the expense of Q3 results. Most important, Management disclosed it believes its DPP HIV test successfully concluded its FDA pre-approval inspection during October. We anticipate this is the last significant hurdle prior to FDA marketing clearance likely in December of January. This DPP-HIV test is the first of at least three significant new rapid diagnostics that Chembio is developing to target syphilis, HIV and hepatitis-C (HCV) over the 2013-2015 timeframe. We are increasingly optimistic in this pipeline but based on diminished recent results we trimmed our out-year EPS forecast and cut our price target to $10, from $14.”

Chembio Diagnostics closed on Tuesday at $4.12.

Latest Ratings for CEMI

Nov 2012BenchmarkMaintainsSpeculative Buy

View More Analyst Ratings for CEMI
View the Latest Analyst Ratings

Posted-In: Benchmark CompanyAnalyst Color Price Target Analyst Ratings


Related Articles (CEMI)

Around the Web, We're Loving...

Get Benzinga's Newsletters