Market cap of LumiraDx Limited [LMDX] reaches 305.27M – now what?


LumiraDx Limited [NASDAQ: LMDX] traded at a low on 07/21/22, posting a -36.97 loss after which it closed the day’ session at $1.33. The company report on July 21, 2022 that LumiraDx Announces Pricing of Public Offering of Common Shares and Concurrent Private Placement.

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LumiraDx Limited (Nasdaq: LMDX), a next-generation point of care (POC) diagnostics company, today announced the pricing of its underwritten public offering of 43,000,000 common shares at a price to the public of $1.75 per share. All of the common shares are being offered by LumiraDx. The gross proceeds from this offering, before deducting underwriting discounts and commissions and other offering expenses payable by LumiraDx, are expected to be approximately $75.3 million. The offering is expected to close on July 25, 2022, subject to the satisfaction of customary closing conditions. In addition, LumiraDx has granted the underwriters a 30-day option to purchase up to an additional 6,450,000 common shares at the public offering price, less the underwriting discounts and commissions. Participants in the offering include certain of LumiraDx’s existing shareholders, including Ron Zwanziger, LumiraDx’s Chairman and Chief Executive, William Umphrey, Morningside Ventures, Petrichor Healthcare Capital Management and Senvest Mgmt LLC.

Goldman Sachs & Co. LLC, Evercore ISI, SVB Securities and Raymond James are acting as joint book-running managers for the underwritten public offering.

The results of the trading session contributed to over 11149805 shares changing hands. Over the past one week, the price volatility of LumiraDx Limited stands at 18.44% while the volatility over the past one month is 12.84%.

The market cap for LMDX stock reached $305.27 million, with 253.07 million shares outstanding and 105.54 million shares in the current float. Compared to the average trading volume of 110.77K shares, LMDX reached a trading volume of 11149805 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about LumiraDx Limited [LMDX]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LMDX shares is $7.62 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LMDX stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Evercore ISI have made an estimate for LumiraDx Limited shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on November 15, 2021. While these analysts kept the previous recommendation, BTIG Research raised their target price to Buy. The new note on the price target was released on October 27, 2021, representing the official price target for LumiraDx Limited stock.

The Average True Range (ATR) for LumiraDx Limited is set at 0.36, with the Price to Sales ratio for LMDX stock in the period of the last 12 months amounting to 0.72. The Price to Book ratio for the last quarter was 2.66, with the Price to Cash per share for the same quarter was set at 0.72.

How has LMDX stock performed recently?

LumiraDx Limited [LMDX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -48.85. With this latest performance, LMDX shares dropped by -57.23% in over the last four-week period, additionally sinking by -85.65% over the last 6 months – not to mention a drop of -86.54% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LMDX stock in for the last two-week period is set at 24.80, with the RSI for the last a single of trading hit 19.63, and the three-weeks RSI is set at 28.37 for LumiraDx Limited [LMDX]. The present Moving Average for the last 50 days of trading for this stock 3.21, while it was recorded at 2.10 for the last single week of trading, and 6.69 for the last 200 days.

LumiraDx Limited [LMDX]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and LumiraDx Limited [LMDX] shares currently have an operating margin of -25.91 and a Gross Margin at +31.19. LumiraDx Limited’s Net Margin is presently recorded at -23.95.

Return on Equity for this stock declined to -108.65, with Return on Assets sitting at -25.38.

LumiraDx Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.80 and a Current Ratio set at 2.90.

Insider trade positions for LumiraDx Limited [LMDX]

There are presently around $32 million, or 8.50% of LMDX stock, in the hands of institutional investors. The top three institutional holders of LMDX stocks are: BILL & MELINDA GATES FOUNDATION with ownership of 5,574,059, which is approximately 0% of the company’s market cap and around 49.13% of the total institutional ownership; CVS HEALTH CORP, holding 5,531,366 shares of the stock with an approximate value of $11.67 million in LMDX stocks shares; and SENVEST MANAGEMENT, LLC, currently with $5.71 million in LMDX stock with ownership of nearly 72.638% of the company’s market capitalization.

Positions in LumiraDx Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 12 institutional holders increased their position in LumiraDx Limited [NASDAQ:LMDX] by around 1,401,812 shares. Additionally, 12 investors decreased positions by around 438,995 shares, while 6 investors held positions by with 13,132,857 shares. The mentioned changes placed institutional holdings at 14,973,664 shares, according to the latest SEC report filing. LMDX stock had 6 new institutional investments in for a total of 214,112 shares, while 5 institutional investors sold positions of 190,066 shares during the same period.