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

Freenome (NASDAQ:FRNM)’s stock price dropped 12.2% during mid-day trading 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 session volume of 859,175 shares. The stock had previously closed at $15.78.

Analyst Upgrades and Downgrades

FRNM has been the subject of a number of recent analyst reports. Guggenheim initiated coverage on shares of Freenome in a research report on Thursday, August 20th. They issued a “buy” rating and a $21.00 price target for the company. Leerink Partners initiated coverage on shares of Freenome in a report on Friday, August 14th. They issued an “outperform” rating and a $18.00 target price on the stock. Weiss Ratings started coverage on shares of Freenome in a research report on Monday, August 24th. They set a “sell (d+)” rating for the company. TD Cowen assumed coverage on shares of Freenome in a research report on Tuesday, August 18th. They set a “buy” rating and a $17.00 target price for the company. Finally, Wall Street Zen raised shares of Freenome to a “sell” rating in a research note on Saturday, September 26th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Freenome Price Performance

The business’s 50 day moving average is $15.25. The stock has a market capitalization of $1.48 billion, a P/E ratio of -232.18 and a beta of 0.44.

About Freenome

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.