In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Chembio Diagnostics Inc. (NASDAQ:CEMI) reported that Acuta Capital Partners, Llc. has picked up 1,261,171 of common stock as of 2017-06-12.
The acquisition brings the aggregate amount owned by Acuta Capital Partners, Llc. to a total of 1,261,171 representing less than 10.3% stake in the company.
For those not familiar with the company, Chembio Diagnostics, Inc. (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc., develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company’s products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies. The HIV 1/2 rapid tests employ in-licensed and lateral flow technologies that are used with all blood matrices as samples, and are manufactured in a standard cassette format, a dipstick format and a barrel format. Its HIV 1/2 rapid antibody detection test incorporates the Dual Path Platform (DPP) POCT technology. The DPP HIV 1/2 Assay detects antibodies to HIV 1 and 2 in oral fluid samples, as well as in all blood matrices. The Company’s product pipeline includes a multiplex rapid test for earlier detection of HIV and a multiplex test that detects HIV and Syphilis specific antibodies.
A glance at Chembio Diagnostics Inc. (NASDAQ:CEMI)’s key stats reveals a current market capitalization of 71.36 Million based on 12.30 Million shares outstanding and a price at last close of $5.99 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2014-11-19, Kissinger picked up 1,800 at a purchase price of $4.31. This brings their total holding to 1,800 as of the date of the filing.
On the sell side, the most recent transaction saw Klugewicz unload 3,000 shares at a sale price of $8.40. This brings their total holding to 7,000.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Chembio Diagnostics Inc. (NASDAQ:CEMI) as things move forward to see if its progress aligns with these transactions.
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