Canaccord Genuity Group Cuts Quanterix (NASDAQ:QTRX) Price Target to $3.00

Quanterix (NASDAQ:QTRX) had its price target lowered by Canaccord Genuity Group from $4.00 to $3.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 15.83% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. TD Cowen lowered their price target on shares of Quanterix from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, August 11th. Wall Street Zen lowered Quanterix from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Quanterix in a research report on Friday, August 7th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $3.00.

Quanterix Stock Performance

Quanterix stock opened at $2.59 on Monday. The business’s 50-day simple moving average is $3.62 and its two-hundred day simple moving average is $4.06. The company has a market cap of $122.48 million, a PE ratio of -0.98 and a beta of 1.07. Quanterix has a fifty-two week low of $2.15 and a fifty-two week high of $8.77.

Quanterix (NASDAQ:QTRX) last released its earnings results on Monday, August 10th. The company reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.63). Quanterix had a negative return on equity of 26.09% and a negative net margin of 80.25%.The firm had revenue of $32.91 million for the quarter, compared to analyst estimates of $37.48 million.

Hedge Funds Weigh In On Quanterix

A number of large investors have recently bought and sold shares of QTRX. Farther Finance Advisors LLC acquired a new stake in Quanterix in the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd acquired a new stake in Quanterix in the 4th quarter valued at $27,000. Quarry LP grew its stake in Quanterix by 277,300.0% in the 3rd quarter. Quarry LP now owns 5,548 shares of the company’s stock valued at $30,000 after acquiring an additional 5,546 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Quanterix in the 2nd quarter worth $60,000. Finally, AXQ Capital LP acquired a new position in Quanterix during the fourth quarter worth $70,000. Institutional investors and hedge funds own 86.48% of the company’s stock.

About Quanterix

Quanterix Corporation is a life sciences and diagnostics company specializing in ultra-sensitive digital immunoassay platforms. Its proprietary Single Molecule Array (Simoa) technology enables researchers to detect and quantify proteins, peptides and nucleic acids at femtomolar concentrations, offering sensitivity that surpasses traditional immunoassay methods. By translating single-molecule detection into routine laboratory workflows, Quanterix aims to accelerate biomarker discovery and the development of novel diagnostics and therapeutics.

The company’s core product portfolio includes the Simoa HD-1 and HD-X Analyzers, which automate high-throughput digital immunoassays for quantifying low-abundance biomarkers.