Biomerica Inc (BMRA)

Shares of Biomerica Inc. (BMRA) dropped by 14.29% from $1.40 to $1.20 in the trading on Thursday, December 21, 2023. The reason why BMRA down today is due to the company announced that it had received FDA 510 (k) clearance for their Hp Detect ELISA test product and insider selling.

• FDA 510(k) Clearance Announcement: Biomerica announced that it had received FDA 510(k) clearance for their Hp Detect ELISA test product. While FDA clearance is typically seen as a positive development, the stock's decline suggests that the market had already anticipated this clearance and factored it into the stock price. As a result, the news did not provide the anticipated boost to the stock.
• Insider Selling: Biomerica filed multiple Form 4 disclosures on the same day, indicating changes in beneficial ownership of securities by company insiders. When insiders sell their shares, it can be interpreted as a sign of profit-taking or a lack of confidence in the company's future performance. This insider selling may have contributed to negative sentiment among investors.