Quanterix (NASDAQ:QTRX)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a research note issued to investors on Wednesday.
The analysts wrote, “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).””
Separately, Zacks Investment Research upgraded Quanterix from a “sell” rating to a “hold” rating in a report on Wednesday, July 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Quanterix presently has an average rating of “Buy” and an average price target of $26.67.
Quanterix (NASDAQ:QTRX) last released its quarterly earnings data on Friday, August 10th. The company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.06). The firm had revenue of $8.64 million during the quarter, compared to analysts’ expectations of $7.92 million. On average, sell-side analysts expect that Quanterix will post -1.19 EPS for the current year.
In related news, Chairman E Kevin Hrusovsky sold 2,995 shares of the company’s stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $20.91, for a total transaction of $62,625.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 23,733 shares of company stock valued at $373,680 in the last quarter. 31.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System bought a new stake in Quanterix during the first quarter worth $129,000. Acadian Asset Management LLC purchased a new position in Quanterix in the second quarter worth $117,000. First Republic Investment Management Inc. purchased a new position in Quanterix in the second quarter worth $235,000. Bank of New York Mellon Corp purchased a new position in Quanterix in the second quarter worth $312,000. Finally, Schwab Charles Investment Management Inc. purchased a new position in Quanterix in the first quarter worth $374,000. Institutional investors and hedge funds 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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