Freenome (NASDAQ:FRNM) Shares Up 9.3% – Should You Buy?

Freenome (NASDAQ:FRNM) shot up 9.3% on Tuesday. The stock traded as high as $13.55 and last traded at $13.7350. Approximately 97,561 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 862,420 shares. The stock had previously closed at $12.57.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FRNM. Weiss Ratings assumed coverage on Freenome in a report on Monday, August 24th. They set a “sell (d+)” rating on the stock. BTIG Research initiated coverage on shares of Freenome in a report on Monday, August 17th. They issued a “buy” rating and a $17.00 price target on the stock. Jefferies Financial Group started coverage on shares of Freenome in a research report on Monday, August 17th. They issued a “buy” rating and a $17.00 price objective for the company. Leerink Partners assumed coverage on shares of Freenome in a research note on Friday, August 14th. They set an “outperform” rating and a $18.00 price objective for the company. Finally, Guggenheim assumed coverage on shares of Freenome in a research note on Thursday, August 20th. They issued 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 assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Freenome Stock Up 9.9%

The business has a 50 day moving average price of $14.89. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -230.21 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.