Freenome (NASDAQ:FRNM) Sees Large Growth in Short Interest

Key Points

• Freenome’s short interest surged 217.8% to 1.42 million shares as of August 14, representing 22.3% of shares outstanding and a short-interest ratio of 1.8 days.
• Analyst sentiment remains largely positive: five analysts rated the stock a Buy and one issued a Sell rating, producing a “Moderate Buy” consensus and an average price target of $18.00.
• Shares recently fell 0.9% to $13.96, near the company’s 52-week high of $14.34. Freenome is developing AI- and multiomics-based blood tests for earlier cancer detection, particularly colorectal cancer.

Freenome (NASDAQ:FRNM - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 14th, there was short interest totaling 1,416,509 shares, a growth of 217.8% from the July 30th total of 445,737 shares. Currently, 22.3% of the company's shares are sold short. Based on an average trading volume of 808,742 shares, the short-interest ratio is currently 1.8 days.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FRNM. Guggenheim initiated coverage on shares of Freenome in a report on Thursday, August 20th. They set a "buy" rating and a $21.00 price objective for the company. BTIG Research started coverage on shares of Freenome in a report on Monday, August 17th. They issued a "buy" rating and a $17.00 target price on the stock. Jefferies Financial Group started coverage on shares of Freenome in a research report on Monday, August 17th. They set a "buy" rating and a $17.00 price target on the stock. TD Cowen initiated coverage on shares of Freenome in a report on Tuesday, August 18th. They issued a "buy" rating and a $17.00 price target for the company. Finally, Weiss Ratings started coverage on Freenome in a research note on Monday. They set a "sell (d+)" rating on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.00.

Freenome Stock Down 0.9%

Shares of NASDAQ FRNM traded down $0.13 during midday trading on Thursday, reaching $13.96. The company's stock had a trading volume of 226,897 shares, compared to its average volume of 831,666. The company has a market capitalization of $113.91 million, a PE ratio of -232.66 and a beta of 0.35. Freenome has a fifty-two week low of $9.97 and a fifty-two week high of $14.34.

Freenome Company Profile

Freenome is a biotechnology company developing blood-based tests designed to detect cancer at earlier, more treatable stages. The company combines artificial intelligence with multiomics analysis, examining biological signals in blood—including genetic, immune and other molecular indicators—to identify cancer-related patterns.

Freenome's research and development efforts have focused on noninvasive screening for colorectal cancer, with additional programs targeting other cancers. Its platform is intended to support earlier detection and may also have applications in cancer monitoring and treatment-related decision-making.

Founded in 2014 and based in California, Freenome has pursued collaborations with healthcare and biopharmaceutical organizations to advance its testing technology.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source