bioAffinity Technologies, Inc. (NASDAQ:BIAF) Sees Significant Decline in Short Interest

bioAffinity Technologies, Inc. (NASDAQ:BIAF) saw a large drop in short interest in October. As of October 15th, there was short interest totaling 66,654 shares, a drop of 42.3% from the September 30th total of 115,467 shares. Currently, 11.4% of the company’s stock are sold short. Based on an average trading volume of 3,440,106 shares, the short-interest ratio is presently 0.0 days.

Hedge Funds Weigh In On bioAffinity Technologies

A hedge fund recently bought a new stake in bioAffinity Technologies stock. J. Safra Sarasin Holding AG purchased a new position in bioAffinity Technologies, Inc. (NASDAQ:BIAF) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 42,600 shares of the company’s stock, valued at approximately $164,000. J. Safra Sarasin Holding AG owned about 0.95% of bioAffinity Technologies at the end of the most recent quarter. 1.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BIAF. Wall Street Zen upgraded shares of bioAffinity Technologies from a “sell” rating to a “hold” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of bioAffinity Technologies in a research note on Friday, October 16th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company has a consensus rating of “Sell”.

bioAffinity Technologies Stock Performance

Shares of NASDAQ:BIAF traded up $0.04 on Monday, reaching $2.95. 30,347 shares of the company’s stock were exchanged, compared to its average volume of 1,315,167. The business’s 50-day moving average is $6.15 and its two-hundred day moving average is $19.11. The company has a quick ratio of 1.41, a current ratio of 1.44 and a debt-to-equity ratio of 0.14. bioAffinity Technologies has a fifty-two week low of $2.66 and a fifty-two week high of $80.70. The firm has a market capitalization of $1.77 million, a price-to-earnings ratio of -0.03 and a beta of -1.25.

bioAffinity Technologies (NASDAQ:BIAF) last posted its quarterly earnings results on Friday, August 7th. The company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($31.50) by $30.86. The business had revenue of $1.51 million during the quarter, compared to analyst estimates of $1.70 million. bioAffinity Technologies had a negative net margin of 257.30% and a negative return on equity of 220.52%.

bioAffinity Technologies Company Profile

bioAffinity Technologies, Inc is a biotechnology company focused on developing diagnostic and therapeutic products for cancer and other serious diseases. The company’s platform uses porphyrin-based compounds designed to selectively identify or target abnormal cells, with the goal of supporting earlier disease detection and more precise treatment.

Its lead diagnostic product, CyPath Lung, is an investigational, noninvasive urine test intended to aid in the detection of lung cancer. The test uses an inhaled porphyrin compound that can bind to cancer cells in the lungs; the resulting material is collected in urine and analyzed using laboratory methods.