GenMark Diagnostics, Inc. (NASDAQ:GNMK) has been given a $11.00 target price by investment analysts at BTIG Research in a research note issued on Monday. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. BTIG Research’s price objective would suggest a potential upside of 137.07% from the stock’s current price.
The analysts wrote, “The fact that ACOR announced this morning that it will discontinue the tozadenant program (stopping dosing in all currently enrolled studies) came as little surprise following last week’s disclosure of safety issues (our thoughts here). Timing was the only marginal surprise, but based on additional analyses, the company determined that the recently instituted weekly white blood cell count screening may not be adequate to fully ensure the safety of patients. Though this morning’s headline has little incremental impact, it does highlight the added pressure on Inbrija (which is delayed itself following the RTF earlier this year) and formally removes the potential for near- term leverage in the business. Maintain Neutral.””
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Cowen and Company reissued a “buy” rating and issued a $10.00 price target on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Raymond James Financial, Inc. reissued a “market perform” rating on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Needham & Company LLC reduced 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. Finally, Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target on shares of GenMark Diagnostics in a research note on Monday, October 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $11.80.
GenMark Diagnostics (NASDAQ GNMK) opened at $4.64 on Monday. The company has a quick ratio of 2.77, a current ratio of 2.97 and a debt-to-equity ratio of 0.12. GenMark Diagnostics has a 52 week low of $3.63 and a 52 week high of $13.67.
GenMark Diagnostics (NASDAQ:GNMK) last issued its earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $14.56 million. During the same period last year, the firm earned ($0.27) earnings per share. GenMark Diagnostics’s revenue for the quarter was up 7.4% on a year-over-year basis. sell-side analysts forecast that GenMark Diagnostics will post -1.17 earnings per share for the current year.
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In related news, SVP Jennifer Anne Williams sold 38,681 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $9.08, for a total transaction of $351,223.48. Following the sale, the senior vice president now directly owns 155,889 shares of the company’s stock, valued at approximately $1,415,472.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael Kagnoff bought 20,000 shares of the business’s 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 purchase, the director now owns 64,413 shares in the company, valued at $266,025.69. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 45,800 shares of company stock worth $405,540. 7.50% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. BlueCrest Capital Management Ltd purchased a new stake in GenMark Diagnostics during the 2nd quarter worth approximately $126,000. Legal & General Group Plc grew its holdings in GenMark Diagnostics by 2.1% during the 2nd quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock worth $137,000 after acquiring an additional 240 shares in the last quarter. Susquehanna International Group LLP acquired a new position in GenMark Diagnostics during the 2nd quarter worth approximately $137,000. Quantitative Systematic Strategies LLC grew its holdings in GenMark Diagnostics by 18.4% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock worth $159,000 after acquiring an additional 2,047 shares in the last quarter. Finally, Wrapmanager Inc. acquired a new position in GenMark Diagnostics during the 3rd quarter worth approximately $172,000.
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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