Zacks Investment Research Downgrades GenMark Diagnostics Inc. (GNMK) to Hold
GenMark Diagnostics Inc. (NASDAQ:GNMK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
Other equities analysts have also issued reports about the company. Cowen and Company upgraded GenMark Diagnostics from a “market perform” rating to an “outperform” rating and set a $17.00 price objective for the company in a research report on Friday, September 16th. Canaccord Genuity reiterated a “buy” rating and issued a $13.00 price objective on shares of GenMark Diagnostics in a research report on Friday, July 29th. JPMorgan Chase & Co. boosted their price objective on GenMark Diagnostics from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Friday, July 29th. Finally, Needham & Company LLC started coverage on GenMark Diagnostics in a research report on Friday, June 17th. They issued a “buy” rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $11.89.
GenMark Diagnostics (NASDAQ:GNMK) opened at 10.88 on Wednesday. The stock has a 50 day moving average of $9.51 and a 200-day moving average of $7.94. The company’s market cap is $467.76 million. GenMark Diagnostics has a 52-week low of $4.20 and a 52-week high of $12.17.
GenMark Diagnostics (NASDAQ:GNMK) last posted its earnings results on Thursday, July 28th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.03. The company earned $12.50 million during the quarter, compared to analyst estimates of $9.62 million. GenMark Diagnostics had a negative return on equity of 108.34% and a negative net margin of 101.78%. The company’s revenue for the quarter was up 63.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) EPS. On average, analysts forecast that GenMark Diagnostics will post ($1.18) EPS for the current year.
In other GenMark Diagnostics news, SVP Michael Gleeson sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $9.00, for a total transaction of $67,500.00. Following the completion of the transaction, the senior vice president now owns 246,934 shares of the company’s stock, valued at approximately $2,222,406. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jennifer Anne Williams sold 24,172 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $8.63, for a total value of $208,604.36. Following the transaction, the senior vice president now directly owns 164,937 shares of the company’s stock, valued at approximately $1,423,406.31. The disclosure for this sale can be found here. Company insiders own 7.09% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in GenMark Diagnostics by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 149,145 shares of the company’s stock worth $1,298,000 after buying an additional 3,426 shares during the period. Adage Capital Partners GP L.L.C. increased its position in GenMark Diagnostics by 4.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,699,857 shares of the company’s stock worth $23,489,000 after buying an additional 124,821 shares during the period. State Street Corp increased its position in GenMark Diagnostics by 0.9% in the second quarter. State Street Corp now owns 644,349 shares of the company’s stock worth $5,604,000 after buying an additional 5,858 shares during the period. Rhumbline Advisers increased its position in GenMark Diagnostics by 11.7% in the second quarter. Rhumbline Advisers now owns 46,298 shares of the company’s stock worth $403,000 after buying an additional 4,849 shares during the period. Finally, Alliancebernstein L.P. increased its position in GenMark Diagnostics by 4.3% in the second quarter. Alliancebernstein L.P. now owns 56,100 shares of the company’s stock worth $488,000 after buying an additional 2,300 shares during the period.
About GenMark Diagnostics
GenMark Diagnostics, Inc (GenMark) is a molecular diagnostics company. The Company focuses on developing and commercializing its eSensor detection technology. Its eSensor electrochemical technology detects multiple distinct biomarkers in a single sample. It sells its XT-8 instrument and related diagnostic and research tests (XT-8 system) in the United States.
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