William Blair Weighs in on GenMark Diagnostics, Inc’s FY2017 Earnings (GNMK)
GenMark Diagnostics, Inc (NASDAQ:GNMK) – Stock analysts at William Blair dropped their FY2017 earnings estimates for shares of GenMark Diagnostics in a research note issued on Tuesday. William Blair analyst B. Weinstein now expects that the medical equipment provider will post earnings of ($1.18) per share for the year, down from their prior forecast of ($1.16). William Blair also issued estimates for GenMark Diagnostics’ FY2018 earnings at ($0.73) EPS.
GNMK has been the subject of a number of other research reports. Needham & Company LLC decreased their target price on shares of GenMark Diagnostics from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Raymond James Financial reissued a “market perform” rating on shares of GenMark Diagnostics in a research report on Friday, November 3rd. Zacks Investment Research raised shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a research report on Wednesday, November 29th. BidaskClub cut shares of GenMark Diagnostics from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 2nd. Finally, Canaccord Genuity reissued a “buy” rating on shares of GenMark Diagnostics in a research report on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $11.80.
GenMark Diagnostics (NASDAQ:GNMK) last announced its quarterly earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, missing the 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 business had revenue of $11.60 million during the quarter, compared to analysts’ expectations of $14.56 million. During the same period in the previous year, the company posted ($0.27) EPS. GenMark Diagnostics’s revenue for the quarter was up 7.4% on a year-over-year basis.
In other GenMark Diagnostics news, Director Michael Kagnoff acquired 20,000 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were purchased at an average price of $4.13 per share, for a total transaction of $82,600.00. Following the completion of the purchase, the director now directly owns 64,413 shares of the company’s stock, valued at $266,025.69. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Hany Massarany sold 8,252 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $4.74, for a total transaction of $39,114.48. Following the completion of the sale, the insider now owns 362,957 shares in the company, valued at approximately $1,720,416.18. The disclosure for this sale can be found here. Insiders have sold a total of 18,407 shares of company stock worth $92,878 in the last 90 days. 7.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in GenMark Diagnostics by 7.3% during the third quarter. JPMorgan Chase & Co. now owns 4,396,940 shares of the medical equipment provider’s stock worth $41,288,000 after buying an additional 299,173 shares in the last quarter. Vanguard Group Inc. boosted its holdings in GenMark Diagnostics by 10.9% during the second quarter. Vanguard Group Inc. now owns 2,169,476 shares of the medical equipment provider’s stock worth $25,664,000 after buying an additional 212,795 shares in the last quarter. State Street Corp boosted its holdings in GenMark Diagnostics by 9.4% during the second quarter. State Street Corp now owns 888,727 shares of the medical equipment provider’s stock worth $10,515,000 after buying an additional 76,010 shares in the last quarter. Northpointe Capital LLC boosted its holdings in GenMark Diagnostics by 24.4% during the third quarter. Northpointe Capital LLC now owns 1,552,740 shares of the medical equipment provider’s stock worth $14,953,000 after buying an additional 304,232 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in GenMark Diagnostics by 8.9% during the second quarter. Bank of New York Mellon Corp now owns 223,163 shares of the medical equipment provider’s stock worth $2,641,000 after buying an additional 18,235 shares in the last quarter.
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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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