GenMark Diagnostics, Inc. (GNMK) Earns Buy Rating from Needham & Company LLC
GenMark Diagnostics, Inc. (NASDAQ:GNMK)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued on Wednesday. They presently have a $15.00 price target on the medical equipment provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 55.28% from the company’s previous close.
GNMK has been the subject of several other research reports. Canaccord Genuity reissued a “buy” rating and issued a $17.00 price target on shares of GenMark Diagnostics in a research note on Monday, June 12th. BidaskClub upgraded GenMark Diagnostics from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Cowen and Company reissued an “outperform” rating and set a $17.00 target price on shares of GenMark Diagnostics in a research report on Wednesday, August 2nd. BTIG Research reissued a “buy” rating and set a $13.00 target price on shares of GenMark Diagnostics in a research report on Thursday, August 31st. Finally, Bank of America Corporation started coverage on shares of GenMark Diagnostics in a report on Monday, September 18th. They set a “buy” rating and a $13.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $14.33.
GenMark Diagnostics (NASDAQ:GNMK) traded down 1.76% on Wednesday, reaching $9.49. 165,442 shares of the company traded hands. The company’s market capitalization is $518.79 million. GenMark Diagnostics has a 52-week low of $8.88 and a 52-week high of $13.67. The stock has a 50-day moving average of $9.53 and a 200 day moving average of $11.66.
GenMark Diagnostics (NASDAQ:GNMK) last posted its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.05). The company 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% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.30) earnings per share. On average, equities analysts forecast that GenMark Diagnostics will post ($1.07) EPS for the current year.
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In other news, CFO Scott Mendel sold 2,898 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 138,096 shares in the company, valued at approximately $1,305,007.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Hany Massarany sold 8,311 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $9.45, for a total value of $78,538.95. Following the completion of the sale, the insider now owns 372,797 shares of the company’s stock, valued at $3,522,931.65. The disclosure for this sale can be found here. Insiders have sold a total of 55,986 shares of company stock worth $517,941 in the last quarter. 7.50% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of GenMark Diagnostics by 13.6% in the 2nd quarter. FMR LLC now owns 8,020,502 shares of the medical equipment provider’s stock worth $94,883,000 after purchasing an additional 962,822 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in GenMark Diagnostics by 15.8% during the second quarter. JPMorgan Chase & Co. now owns 4,097,767 shares of the medical equipment provider’s stock worth $48,476,000 after buying an additional 559,629 shares during the last quarter. Marshall Wace North America L.P. raised its holdings in GenMark Diagnostics by 1,787.6% during the second quarter. Marshall Wace North America L.P. now owns 544,020 shares of the medical equipment provider’s stock worth $6,528,000 after buying an additional 515,200 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in GenMark Diagnostics by 25.2% during the second quarter. Artisan Partners Limited Partnership now owns 2,252,831 shares of the medical equipment provider’s stock worth $26,651,000 after buying an additional 453,329 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of GenMark Diagnostics by 14.3% in the second quarter. Jennison Associates LLC now owns 3,541,747 shares of the medical equipment provider’s stock valued at $41,899,000 after buying an additional 443,005 shares in the last quarter.
GenMark Diagnostics Company Profile
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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