GenMark Diagnostics, Inc. (GNMK) Receives “Buy” Rating from Needham & Company LLC
GenMark Diagnostics, Inc. (NASDAQ:GNMK)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday, MarketBeat.com reports. They presently have a $15.00 price target on the medical equipment provider’s stock, down from their previous price target of $17.00. Needham & Company LLC’s target price indicates a potential upside of 53.06% from the stock’s current price.
GNMK has been the subject of several other reports. BTIG Research reiterated a “buy” rating and issued a $13.00 target price on shares of GenMark Diagnostics in a research note on Thursday, August 31st. Canaccord Genuity restated a “buy” rating and set a $17.00 price target on shares of GenMark Diagnostics in a research note on Monday, June 12th. Cowen and Company restated an “outperform” rating and set a $17.00 price target on shares of GenMark Diagnostics in a research note on Wednesday, August 2nd. ValuEngine upgraded GenMark Diagnostics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub upgraded GenMark Diagnostics from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. GenMark Diagnostics presently has an average rating of “Hold” and a consensus price target of $14.60.
Shares of GenMark Diagnostics (GNMK) traded down 1.378% during mid-day trading on Wednesday, hitting $9.665. The company’s stock had a trading volume of 563,368 shares. GenMark Diagnostics has a 12-month low of $8.03 and a 12-month high of $13.67. The company’s market cap is $528.36 million. The stock has a 50-day moving average of $10.26 and a 200-day moving average of $11.96.
GenMark Diagnostics (NASDAQ:GNMK) last released its earnings results on Tuesday, August 1st. The medical equipment provider reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.05). The business had revenue of $12.36 million during the quarter, compared to analyst estimates of $12.44 million. GenMark Diagnostics had a negative net margin of 111.96% and a negative return on equity of 109.89%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.30) earnings per share. On average, equities research analysts forecast that GenMark Diagnostics will post ($1.06) EPS for the current year.
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In other GenMark Diagnostics news, insider Hany Massarany sold 8,311 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $9.45, for a total transaction of $78,538.95. Following the completion of the sale, the insider now directly owns 372,797 shares in the company, valued at $3,522,931.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Scott Mendel sold 2,898 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $9.45, for a total value of $27,386.10. Following the sale, the chief financial officer now owns 138,096 shares of the company’s stock, valued at $1,305,007.20. The disclosure for this sale can be found here. Insiders have sold 17,305 shares of company stock valued at $166,717 over the last 90 days. 7.50% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of GNMK. BlueCrest Capital Management Ltd acquired a new stake in shares of GenMark Diagnostics in the second quarter valued at about $126,000. Legal & General Group Plc grew its stake in shares of GenMark Diagnostics by 2.1% in the second quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 240 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in shares of GenMark Diagnostics in the second quarter valued at about $137,000. Airain ltd acquired a new stake in shares of GenMark Diagnostics in the first quarter valued at about $159,000. Finally, Quantitative Systematic Strategies LLC grew its stake in shares of GenMark Diagnostics by 18.4% in the second quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock valued at $159,000 after buying an additional 2,047 shares in the last quarter.
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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