GenMark Diagnostics, Inc. (GNMK) Shares Gap Down After Analyst Downgrade
Shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) gapped down prior to trading on Monday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $2.52, but opened at $4.26. GenMark Diagnostics shares last traded at $3.80, with a volume of 3561520 shares trading hands.
Several other brokerages have also recently issued reports on GNMK. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 price objective (down from $17.00) on shares of GenMark Diagnostics in a research note on Monday, August 7th. BidaskClub cut GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective (down from $17.00) on shares of GenMark Diagnostics in a research note on Wednesday, September 13th. Cowen and Company reiterated a “buy” rating and issued a $10.00 price objective on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Finally, Raymond James Financial, Inc. restated a “market perform” rating on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $12.20.
In other GenMark Diagnostics news, SVP Jennifer Anne Williams sold 38,681 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $9.08, for a total value of $351,223.48. Following the sale, the senior vice president now directly owns 155,889 shares in the company, valued at $1,415,472.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Scott Mendel sold 2,898 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 138,096 shares in the company, valued at $1,305,007.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,917 shares of company stock worth $539,162. 7.50% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. acquired a new stake in GenMark Diagnostics in the third quarter valued at $707,000. Bank of New York Mellon Corp grew its holdings in shares of GenMark Diagnostics by 10.7% during the third quarter. Bank of New York Mellon Corp now owns 246,960 shares of the medical equipment provider’s stock worth $2,379,000 after purchasing an additional 23,797 shares during the last quarter. Private Wealth Partners LLC purchased a new position in shares of GenMark Diagnostics during the third quarter worth about $481,000. Wrapmanager Inc. purchased a new position in shares of GenMark Diagnostics during the third quarter worth about $172,000. Finally, FDx Advisors Inc. purchased a new position in shares of GenMark Diagnostics during the third quarter worth about $231,000.
The company has a quick ratio of 2.77, a current ratio of 2.97 and a debt-to-equity ratio of 0.12.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The firm had revenue of $11.60 million for the quarter, compared to analysts’ expectations of $14.56 million. GenMark Diagnostics had a negative return on equity of 100.33% and a negative net margin of 116.76%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.27) EPS. equities research analysts forecast that GenMark Diagnostics, Inc. will post -1.06 EPS for the current fiscal year.
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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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