GenMark Diagnostics, Inc. (GNMK) Rating Lowered to Sell at Zacks Investment Research
GenMark Diagnostics, Inc. (NASDAQ:GNMK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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. “
A number of other equities analysts have also issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of GenMark Diagnostics in a research report on Thursday, October 19th. BidaskClub lowered shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Bank of America Corporation started coverage on shares of GenMark Diagnostics in a research report on Monday, September 18th. They set a “buy” rating and a $13.00 target price on the stock. BTIG Research reiterated a “buy” rating and set a $13.00 target price on shares of GenMark Diagnostics in a research report on Thursday, August 31st. Finally, Raymond James Financial, Inc. reiterated a “market perform” rating on shares of GenMark Diagnostics in a research report on Friday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.20.
Shares of GenMark Diagnostics (GNMK) traded up $0.29 during mid-day trading on Tuesday, hitting $4.10. 2,360,417 shares of the stock were exchanged, compared to its average volume of 701,096. GenMark Diagnostics has a 12 month low of $3.63 and a 12 month high of $13.67. The company has a current ratio of 2.97, a quick ratio of 2.77 and a debt-to-equity ratio of 0.12.
GenMark Diagnostics (NASDAQ:GNMK) last announced its earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $11.60 million for the quarter, compared to analyst estimates of $14.56 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. GenMark Diagnostics’s revenue for the quarter was up 7.4% on a year-over-year basis. research analysts predict that GenMark Diagnostics will post -1.06 EPS for the current year.
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In related news, CFO Scott Mendel sold 2,898 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $9.45, for a total value of $27,386.10. Following the transaction, the chief financial officer now directly owns 138,096 shares in the company, valued at $1,305,007.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael Kagnoff acquired 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was acquired at an average price of $4.13 per share, for a total transaction of $82,600.00. Following the completion of the acquisition, the director now directly owns 64,413 shares of the company’s stock, valued at $266,025.69. The disclosure for this purchase can be found here. Insiders sold 58,917 shares of company stock worth $539,162 over the last 90 days. 7.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in GenMark Diagnostics in the third quarter valued at approximately $707,000. Bank of New York Mellon Corp lifted its holdings in GenMark Diagnostics by 10.7% in the third quarter. Bank of New York Mellon Corp now owns 246,960 shares of the medical equipment provider’s stock valued at $2,379,000 after buying an additional 23,797 shares during the period. Private Wealth Partners LLC acquired a new position in GenMark Diagnostics in the third quarter valued at approximately $481,000. Wrapmanager Inc. acquired a new position in GenMark Diagnostics in the third quarter valued at approximately $172,000. Finally, FDx Advisors Inc. bought a new stake in GenMark Diagnostics in the third quarter valued at approximately $231,000.
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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