GenMark Diagnostics, Inc. (GNMK) Shares Down 5.7%
Shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) dropped 5.7% during trading on Thursday . The stock traded as low as $9.15 and last traded at $9.19. Approximately 560,872 shares traded hands during trading, an increase of 21% from the average daily volume of 465,177 shares. The stock had previously closed at $9.75.
GNMK has been the subject of several research reports. BTIG Research restated a “buy” rating and set a $17.00 price target on shares of GenMark Diagnostics in a report on Wednesday, May 17th. ValuEngine upgraded shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Canaccord Genuity restated a “buy” rating and set a $17.00 price target on shares of GenMark Diagnostics in a report on Monday, June 12th. Needham & Company LLC raised their price target on shares of GenMark Diagnostics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, June 13th. Finally, BidaskClub cut shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. GenMark Diagnostics currently has a consensus rating of “Hold” and an average price target of $14.60.
The firm’s market capitalization is $502.39 million. The stock’s 50 day moving average price is $10.03 and its 200-day moving average price is $11.91.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). The business had revenue of $12.36 million for the quarter, compared to the consensus estimate of $12.44 million. GenMark Diagnostics had a negative return on equity of 109.89% and a negative net margin of 111.96%. GenMark Diagnostics’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.30) earnings per share. On average, equities analysts predict that GenMark Diagnostics, Inc. will post ($1.06) EPS for the current fiscal year.
In other news, insider Hany Massarany sold 8,311 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $9.45, for a total transaction of $78,538.95. Following the completion of the transaction, the insider now directly owns 372,797 shares of the company’s stock, valued at approximately $3,522,931.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott Mendel sold 2,898 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $9.45, for a total transaction of $27,386.10. Following the transaction, the chief financial officer now directly owns 138,096 shares of the company’s stock, valued at $1,305,007.20. The disclosure for this sale can be found here. Insiders have sold a total of 17,305 shares of company stock valued at $166,717 over the last ninety days. Company insiders own 7.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlueCrest Capital Management Ltd acquired a new stake in shares of GenMark Diagnostics in the 2nd quarter valued at approximately $126,000. Legal & General Group Plc boosted its holdings in shares of GenMark Diagnostics by 2.1% in the 2nd quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 240 shares during the last quarter. Susquehanna International Group LLP acquired a new stake in shares of GenMark Diagnostics in the 2nd quarter valued at approximately $137,000. Airain ltd acquired a new stake in shares of GenMark Diagnostics in the 1st quarter valued at approximately $159,000. Finally, Quantitative Systematic Strategies LLC boosted its holdings in shares of GenMark Diagnostics by 18.4% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock valued at $159,000 after buying an additional 2,047 shares during the last quarter.
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About GenMark Diagnostics
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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