GenMark Diagnostics Inc. (GNMK) Downgraded by Zacks Investment Research
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 equities research analysts also recently weighed in on GNMK. Canaccord Genuity restated a buy rating on shares of GenMark Diagnostics in a report on Wednesday, June 8th. Needham & Company LLC initiated coverage on GenMark Diagnostics in a report on Friday, June 17th. They set a buy rating and a $13.00 price target on the stock. JPMorgan Chase & Co. upped their price target on GenMark Diagnostics from $10.00 to $13.00 and gave the stock an overweight rating in a report on Friday, July 29th. Finally, Cowen and Company upgraded GenMark Diagnostics from a market perform rating to an outperform rating and set a $17.00 price target on the stock in a report on Friday, September 16th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $11.89.
Shares of GenMark Diagnostics (NASDAQ:GNMK) opened at 11.80 on Wednesday. The company’s 50 day moving average price is $9.58 and its 200-day moving average price is $7.98. GenMark Diagnostics has a 12-month low of $4.20 and a 12-month high of $12.17. The firm’s market cap is $507.32 million.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.30) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.03. GenMark Diagnostics had a negative return on equity of 108.34% and a negative net margin of 101.78%. The company had revenue of $12.50 million for the quarter, compared to the consensus estimate of $9.62 million. During the same quarter in the prior year, the business earned ($0.29) EPS. GenMark Diagnostics’s revenue was up 63.6% on a year-over-year basis. On average, equities research analysts anticipate that GenMark Diagnostics will post ($1.18) EPS for the current year.
In other GenMark Diagnostics news, SVP Jennifer Anne Williams sold 24,172 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $8.63, for a total transaction of $208,604.36. Following the completion of the sale, the senior vice president now directly owns 164,937 shares of the company’s stock, valued at approximately $1,423,406.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Gleeson sold 7,500 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $9.00, for a total value of $67,500.00. Following the sale, the senior vice president now directly owns 246,934 shares of the company’s stock, valued at $2,222,406. The disclosure for this sale can be found here. 7.09% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of GNMK. Donaldson Capital Management LLC boosted its stake in GenMark Diagnostics by 4.7% in the first quarter. Donaldson Capital Management LLC now owns 66,425 shares of the company’s stock worth $350,000 after buying an additional 3,010 shares during the last quarter. Geode Capital Management LLC boosted its stake in GenMark Diagnostics by 5.8% in the first quarter. Geode Capital Management LLC now owns 286,064 shares of the company’s stock worth $1,507,000 after buying an additional 15,737 shares during the last quarter. Bogle Investment Management L P DE boosted its stake in GenMark Diagnostics by 836.6% in the first quarter. Bogle Investment Management L P DE now owns 136,821 shares of the company’s stock worth $721,000 after buying an additional 122,213 shares during the last quarter. Renaissance Technologies LLC bought a new stake in GenMark Diagnostics during the first quarter worth $376,000. Finally, Adage Capital Partners GP L.L.C. boosted its stake in GenMark Diagnostics by 15.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,575,036 shares of the company’s stock worth $13,570,000 after buying an additional 350,000 shares during the last quarter.
About GenMark Diagnostics
GenMark Diagnostics, Inc (GenMark) is a molecular diagnostics company. The Company focuses on developing and commercializing its eSensor detection technology. Its eSensor electrochemical technology detects multiple distinct biomarkers in a single sample. It sells its XT-8 instrument and related diagnostic and research tests (XT-8 system) in the United States.
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