Quanterix’s (QTRX) Buy Rating Reiterated at Canaccord Genuity
“We think investors should own QTRX as it targets growth across 4 phases: 1) expansion in the life sciences research, followed by possible entry into new markets in 2) companion diagnostics; 3) point-of-care diagnostics; and 4) precision health and wellness screening, a $38 billion TAM. We reiterate our BUY rating and $27 PT. Q3 beat. Q3 revenues of $10.6M (+85% Y/Y, +61% adj.) topped our $8.4M (+47%)/ Street’s $8.3M, and included a 1-time payment of $1.3M from its licensing termination with BioMérieux. Product revs of $6.0M (+82% Y/Y) beat our $5.0M, while service revs (ex the 1-timer) of $3.0M was light of our $3.4M. QTRX beat us on consumables (+100% Y/Y beat our +70%) and instruments (+58% Y/Y beat our +30%). ~46% were in line with our 46.5%E. OPEX of $13.3M was above our $10.5ME. Net loss of ($7.7M) exceeded our ($6.9ME).”,” the firm’s analyst commented.
Separately, Zacks Investment Research cut shares of Quanterix from a hold rating to a sell rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Quanterix has an average rating of Buy and a consensus target price of $26.67.
Quanterix (NASDAQ:QTRX) last announced its quarterly earnings results on Friday, August 10th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.06). The firm had revenue of $8.64 million for the quarter, compared to analysts’ expectations of $7.92 million. On average, equities analysts expect that Quanterix will post -1.21 earnings per share for the current fiscal year.
In related news, SVP Ernest Orticerio sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $16.82, for a total transaction of $336,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman E Kevin Hrusovsky sold 17,909 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $14.53, for a total transaction of $260,217.77. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,733 shares of company stock valued at $710,080. 31.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Quanterix by 0.4% during the 3rd quarter. FMR LLC now owns 1,325,749 shares of the company’s stock worth $28,398,000 after acquiring an additional 5,359 shares in the last quarter. BlackRock Inc. raised its stake in shares of Quanterix by 66.2% during the 3rd quarter. BlackRock Inc. now owns 409,721 shares of the company’s stock worth $8,775,000 after acquiring an additional 163,255 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Quanterix during the 3rd quarter worth approximately $428,000. Bank of New York Mellon Corp raised its stake in shares of Quanterix by 33.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 28,855 shares of the company’s stock worth $618,000 after acquiring an additional 7,169 shares in the last quarter. Finally, Granite Investment Partners LLC bought a new position in shares of Quanterix during the 3rd quarter worth approximately $346,000. Hedge funds and other institutional investors own 49.14% of the company’s stock.
Quanterix Corporation, a life sciences company, develops and markets ultra-sensitive digital immunoassay platform that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific. It develops Simoa HD-1 Analyzer, a sensitive protein detection platform, which analyzes approximately six biomarkers per test; and Quanterix SR-X, which utilizes the same technology and assay kit as the Simoa HD-1 Analyzer.
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