BTIG Research set a $11.00 price objective on GenMark Diagnostics (NASDAQ:GNMK) in a research note released on Monday, November 20th. The firm currently has a buy rating on the medical equipment provider’s stock.
“The fact that ACOR announced this morning that it will discontinue the tozadenant program (stopping dosing in all currently enrolled studies) came as little surprise following last week’s disclosure of safety issues (our thoughts here). Timing was the only marginal surprise, but based on additional analyses, the company determined that the recently instituted weekly white blood cell count screening may not be adequate to fully ensure the safety of patients. Though this morning’s headline has little incremental impact, it does highlight the added pressure on Inbrija (which is delayed itself following the RTF earlier this year) and formally removes the potential for near- term leverage in the business. Maintain Neutral.”,” the firm’s analyst commented.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut GenMark Diagnostics from a hold rating to a sell rating in a report on Tuesday, November 7th. Cowen restated a buy rating and issued a $10.00 target price on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Raymond James Financial restated a market perform rating on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Needham & Company LLC lowered their target price on GenMark Diagnostics from $15.00 to $11.00 and set a buy rating for the company in a research note on Friday, November 3rd. Finally, Canaccord Genuity restated a buy rating and issued a $14.00 target price on shares of GenMark Diagnostics in a research note on Monday, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $11.80.
GenMark Diagnostics (NASDAQ:GNMK) last released its quarterly earnings data 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 quarter last year, the business posted ($0.27) EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. research analysts forecast that GenMark Diagnostics will post -1.17 earnings per share for the current fiscal year.
In other GenMark Diagnostics news, SVP Eric Stier sold 2,750 shares of GenMark Diagnostics stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.60, for a total value of $26,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jennifer Anne Williams sold 38,681 shares of GenMark Diagnostics 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 completion of the sale, the senior vice president now directly owns 155,889 shares of the company’s stock, valued at approximately $1,415,472.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,838 shares of company stock valued at $470,502. 7.50% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of GNMK. BlueCrest Capital Management Ltd bought a new stake in shares of GenMark Diagnostics in the second quarter worth $126,000. Legal & General Group Plc grew its holdings in shares of GenMark Diagnostics by 2.1% in the second quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock worth $137,000 after acquiring an additional 240 shares during the period. Susquehanna International Group LLP bought a new stake in shares of GenMark Diagnostics in the second quarter worth $137,000. Quantitative Systematic Strategies LLC grew its holdings in shares of GenMark Diagnostics by 18.4% in the second quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock worth $159,000 after acquiring an additional 2,047 shares during the period. Finally, Wrapmanager Inc. bought a new stake in shares of GenMark Diagnostics in the third quarter worth $172,000.
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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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