Freenome (NASDAQ:FRNM) Stock Short Interest Jumps 100.4%

Freenome (NASDAQ:FRNM) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 3,400,130 shares, an increase of 100.4% from the September 15th total of 1,696,752 shares. Approximately 4.1% of the company’s shares are sold short. Based on an average daily volume of 1,040,359 shares, the short-interest ratio is presently 3.3 days.

Freenome Price Performance

FRNM traded up $0.10 during trading on Thursday, hitting $12.29. The company had a trading volume of 775,510 shares, compared to its average volume of 878,923. The stock has a market capitalization of $1.32 billion, a P/E ratio of -204.80 and a beta of 0.44. Freenome has a one year low of $9.97 and a one year high of $17.50. The stock has a 50-day moving average of $15.07.

Wall Street Analyst Weigh In

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

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.