Zacks Investment Research upgraded shares of GenMark Diagnostics (NASDAQ:GNMK) from a sell rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “GenMark Diagnostics, Inc. is a molecular diagnostics company focused on developing and commercializing its proprietary eSensor(R) detection technology. The eSensor® XT-8 system is the second generation in GenMark Dx’s eSensor® platform, utilizing electrochemical detection technology to detect nucleic acids on a microarray. The XT-8 System enables multiplex detection of DNA and RNA targets. The Company has developed four diagnostic tests for use with its XT-8 System. Its Cystic Fibrosis Genotyping Test, which detects pre-conception risks of cystic fibrosis, and its Warfarin Sensitivity Test, which determines an individual’s ability to metabolize the oral anticoagulant warfarin, have received FDA clearance. It has also developed a Respiratory Viral Panel Test, which detects the presence of major respiratory viruses, and a Thrombosis Risk Test, which detects an individual’s increased risk of blood clots. GenMark Diagnostics, Inc. is based in Pasadena, California. “
Several other brokerages have also commented on GNMK. BidaskClub lowered GenMark Diagnostics from a hold rating to a sell rating in a report on Monday, August 14th. Needham & Company LLC reissued a buy rating and set a $15.00 price objective (down previously from $17.00) on shares of GenMark Diagnostics in a report on Wednesday, September 13th. Canaccord Genuity reissued a buy rating on shares of GenMark Diagnostics in a report on Wednesday, September 27th. BTIG Research reissued a buy rating and set a $13.00 price objective on shares of GenMark Diagnostics in a report on Thursday, August 31st. Finally, Bank of America began coverage on GenMark Diagnostics in a report on Monday, September 18th. They set a buy rating and a $13.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $11.80.
GenMark Diagnostics (NASDAQ:GNMK) traded up $0.38 during mid-day trading on Monday, reaching $4.78. The company’s stock had a trading volume of 504,700 shares, compared to its average volume of 423,772. The company has a quick ratio of 2.77, a current ratio of 2.97 and a debt-to-equity ratio of 0.12. GenMark Diagnostics has a 1-year low of $3.63 and a 1-year high of $13.67.
GenMark Diagnostics (NASDAQ:GNMK) last posted its earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.02). The company had revenue of $11.60 million for the quarter, compared to analysts’ expectations of $14.56 million. GenMark Diagnostics had a negative net margin of 116.76% and a negative return on equity of 100.33%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.27) EPS. sell-side analysts expect that GenMark Diagnostics will post -1.17 EPS for the current fiscal year.
In related news, SVP Eric Stier sold 2,750 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $9.60, for a total transaction of $26,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael Kagnoff bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were acquired at an average price of $4.13 per share, with a total value of $82,600.00. Following the acquisition, the director now owns 64,413 shares of the company’s stock, valued at $266,025.69. The disclosure for this purchase can be found here. Insiders sold 59,838 shares of company stock valued at $470,502 in the last quarter. Corporate insiders own 7.50% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC raised its holdings in GenMark Diagnostics by 13.6% in the second quarter. FMR LLC now owns 8,020,502 shares of the medical equipment provider’s stock worth $94,883,000 after purchasing an additional 962,822 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in GenMark Diagnostics by 7.3% in the third quarter. JPMorgan Chase & Co. now owns 4,396,940 shares of the medical equipment provider’s stock worth $41,288,000 after purchasing an additional 299,173 shares in the last quarter. Jennison Associates LLC raised its holdings in GenMark Diagnostics by 0.7% in the third quarter. Jennison Associates LLC now owns 3,567,001 shares of the medical equipment provider’s stock worth $34,350,000 after purchasing an additional 25,254 shares in the last quarter. HighTower Advisors LLC raised its holdings in GenMark Diagnostics by 12.7% in the second quarter. HighTower Advisors LLC now owns 2,360,984 shares of the medical equipment provider’s stock worth $27,930,000 after purchasing an additional 266,969 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in GenMark Diagnostics by 25.2% in the second quarter. Artisan Partners Limited Partnership now owns 2,252,831 shares of the medical equipment provider’s stock worth $26,651,000 after purchasing an additional 453,329 shares in the last quarter.
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GenMark Diagnostics Company Profile
GenMark Diagnostics, Inc is a molecular diagnostics company. The Company is focused on developing and commercializing multiplex molecular tests that aid in the diagnosis of complex medical conditions. It develops and commercializes multiplex molecular tests based on its eSensor electrochemical detection technology.
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