bioAffinity Technologies (NASDAQ:BIAF) Trading Down 4.9% – Here’s Why

bioAffinity Technologies, Inc. (NASDAQ:BIAF) shares traded down 4.9% on Friday . The company traded as low as $1.13 and last traded at $1.17. 115,248 shares traded hands during mid-day trading, an increase of 77% from the average session volume of 65,077 shares. The stock had previously closed at $1.23.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BIAF. Weiss Ratings reissued a “sell (e+)” rating on shares of bioAffinity Technologies in a research report on Wednesday, October 8th. Wall Street Zen downgraded bioAffinity Technologies to a “strong sell” rating in a research note on Saturday, September 20th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce”.

bioAffinity Technologies Price Performance

The firm has a market cap of $5.27 million, a price-to-earnings ratio of -0.06 and a beta of 2.41. The company’s fifty day moving average is $1.80 and its 200 day moving average is $5.35. The company has a quick ratio of 3.64, a current ratio of 3.65 and a debt-to-equity ratio of 0.01.

bioAffinity Technologies (NASDAQ:BIAF) last issued its quarterly earnings results on Friday, November 14th. The company reported ($2.70) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($2.70). bioAffinity Technologies had a negative net margin of 217.45% and a negative return on equity of 425.87%. The firm had revenue of $1.45 million for the quarter, compared to analyst estimates of $1.41 million.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in bioAffinity Technologies stock. Sabby Management LLC purchased a new position in shares of bioAffinity Technologies, Inc. (NASDAQ:BIAF) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 242,757 shares of the company’s stock, valued at approximately $719,000. bioAffinity Technologies comprises about 0.8% of Sabby Management LLC’s investment portfolio, making the stock its 10th biggest position. Sabby Management LLC owned about 6.68% of bioAffinity Technologies at the end of the most recent quarter. Hedge funds and other institutional investors own 1.64% of the company’s stock.

About bioAffinity Technologies

bioAffinity Technologies, Inc (NASDAQ: BIAF) is a U.S.-based biotechnology company specializing in the development and commercialization of advanced in vitro diagnostic platforms for oncology. Leveraging proprietary bioaffinity and nanotechnology approaches, bioAffinity’s platforms are designed to isolate and analyze cancer-specific biomarkers from blood, tissue, and other biological samples with high sensitivity and specificity. The company’s core technologies aim to enable earlier detection of solid tumors, improved disease monitoring, and more personalized treatment strategies.

The company’s primary product pipeline includes assays targeting breast cancer and other solid tumor indications.