Quanterix (NASDAQ:QTRX) Stock Breaks Above 50 Day Moving Average – Here’s What Happened

Quanterix Corporation (NASDAQ:QTRX)’s share price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.99 and traded as high as $3.12. Quanterix shares last traded at $3.12, with a volume of 658,077 shares.

Wall Street Analyst Weigh In

QTRX has been the subject of several research reports. TD Cowen upped their target price on shares of Quanterix from $3.00 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday, October 13th. Canaccord Genuity Group dropped their target price on Quanterix from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, August 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Quanterix in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Quanterix from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $3.25.

Quanterix Stock Down 7.6%

The firm has a 50 day moving average price of $2.99 and a 200 day moving average price of $3.91.

Quanterix (NASDAQ:QTRX) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.63). Quanterix had a negative return on equity of 26.09% and a negative net margin of 80.25%. The firm had revenue of $32.91 million during the quarter, compared to the consensus estimate of $37.48 million.

Institutional Investors Weigh In On Quanterix

A number of large investors have recently bought and sold shares of the company. Pinnacle Wealth Planning Services Inc. raised its stake in Quanterix by 461.4% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 10,099 shares of the company’s stock worth $37,000 after purchasing an additional 8,300 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Quanterix during the second quarter worth approximately $31,000. HighTower Advisors LLC purchased a new stake in Quanterix during the 2nd quarter worth about $59,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Quanterix in the 2nd quarter valued at $168,000. Finally, Bank of America Corp DE acquired a new stake in shares of Quanterix in the second quarter valued at approximately $127,000. Hedge funds and other institutional investors own 86.48% of the company’s stock.

About Quanterix

Quanterix Corporation (NASDAQ:QTRX) is a life sciences company that develops ultra-sensitive digital immunoassay technologies for detecting and measuring biomarkers in blood and other biological samples. Its platform is designed to identify proteins and other molecules at very low concentrations, supporting research into disease biology, diagnosis, treatment response and drug development.

The company’s principal technology, Simoa, uses digital detection methods to improve the sensitivity of immunoassays.