GenMark Diagnostics (GNMK) Upgraded at Zacks Investment Research
GenMark Diagnostics (NASDAQ:GNMK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
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. “
GNMK has been the topic of a number of other research reports. Needham & Company LLC cut their price target on shares of GenMark Diagnostics from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Raymond James Financial reaffirmed a “market perform” rating on shares of GenMark Diagnostics in a research note on Friday, November 3rd. BTIG Research reaffirmed a “buy” rating and issued a $13.00 price target on shares of GenMark Diagnostics in a research note on Thursday, August 31st. Cowen reaffirmed a “buy” rating and issued a $10.00 price target on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of GenMark Diagnostics in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $11.80.
GenMark Diagnostics (NASDAQ GNMK) traded up $0.07 during trading on Monday, reaching $4.46. 309,408 shares of the company traded hands, compared to its average volume of 423,829. GenMark Diagnostics has a twelve month low of $3.63 and a twelve month high of $13.67. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.77 and a current ratio of 2.97.
GenMark Diagnostics (NASDAQ:GNMK) last released its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.02). GenMark Diagnostics had a negative return on equity of 100.33% and a negative net margin of 116.76%. The firm had revenue of $11.60 million for the quarter, compared to the consensus estimate of $14.56 million. During the same period in the previous year, the business earned ($0.27) EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. analysts expect that GenMark Diagnostics will post -1.17 EPS for the current fiscal year.
In other news, Director Michael Kagnoff bought 20,000 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were acquired at an average cost of $4.13 per share, for a total transaction of $82,600.00. Following the completion of the acquisition, the director now owns 64,413 shares in the company, valued at $266,025.69. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jennifer Anne Williams sold 38,681 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $9.08, for a total transaction of $351,223.48. Following the transaction, the senior vice president now owns 155,889 shares in the company, valued at $1,415,472.12. The disclosure for this sale can be found here. Insiders sold 59,838 shares of company stock worth $470,502 over the last quarter. 7.50% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. BlueCrest Capital Management Ltd acquired a new position in GenMark Diagnostics during the second quarter worth $126,000. Legal & General Group Plc increased its holdings in GenMark Diagnostics by 2.1% during the second quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 240 shares during the last quarter. Susquehanna International Group LLP acquired a new position in GenMark Diagnostics during the second quarter worth $137,000. Wrapmanager Inc. acquired a new position in GenMark Diagnostics during the third quarter worth $172,000. Finally, Voya Investment Management LLC increased its holdings in GenMark Diagnostics by 17.5% during the second quarter. Voya Investment Management LLC now owns 19,725 shares of the medical equipment provider’s stock worth $233,000 after buying an additional 2,943 shares during 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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