GenMark Diagnostics’ (GNMK) “Buy” Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) in a research note published on Wednesday morning. The brokerage currently has a $15.00 price target on the medical equipment provider’s stock.
GNMK has been the topic of a number of other reports. Bank of America Corporation assumed coverage on shares of GenMark Diagnostics in a report on Monday, September 18th. They issued a buy rating and a $13.00 price target on the stock. BTIG Research reissued a buy rating and issued a $13.00 price target on shares of GenMark Diagnostics in a report on Thursday, August 31st. Canaccord Genuity reissued a buy rating and issued a $17.00 price target on shares of GenMark Diagnostics in a report on Monday, June 12th. Cowen and Company reissued an outperform rating and issued a $17.00 price target on shares of GenMark Diagnostics in a report on Wednesday, August 2nd. Finally, BidaskClub raised shares of GenMark Diagnostics from a sell rating to a hold rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $14.40.
Shares of GenMark Diagnostics (GNMK) traded up 0.42% during trading on Wednesday, hitting $9.60. 197,836 shares of the stock traded hands. The stock’s market cap is $524.80 million. The stock has a 50 day moving average price of $9.51 and a 200-day moving average price of $11.64. GenMark Diagnostics has a 1-year low of $8.88 and a 1-year high of $13.67.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.05). The company had revenue of $12.36 million during the quarter, compared to analysts’ expectations of $12.44 million. GenMark Diagnostics had a negative return on equity of 109.89% and a negative net margin of 111.96%. GenMark Diagnostics’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.30) earnings per share. Equities analysts forecast that GenMark Diagnostics will post ($1.07) EPS for the current year.
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In related news, insider Hany Massarany sold 8,311 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $9.45, for a total value of $78,538.95. Following the sale, the insider now directly owns 372,797 shares in the company, valued at approximately $3,522,931.65. The sale 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 the business’s stock in a transaction dated Friday, September 15th. The shares were 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 owns 155,889 shares in the company, valued at $1,415,472.12. The disclosure for this sale can be found here. Insiders sold a total of 58,736 shares of company stock worth $544,341 over the last three months. 7.50% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. BlueCrest Capital Management Ltd bought a new stake in GenMark Diagnostics in the 2nd quarter valued at about $126,000. Legal & General Group Plc raised its stake in GenMark Diagnostics by 2.1% in the 2nd quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock valued at $137,000 after acquiring an additional 240 shares during the period. Susquehanna International Group LLP bought a new stake in GenMark Diagnostics in the 2nd quarter valued at about $137,000. Quantitative Systematic Strategies LLC raised its stake in GenMark Diagnostics by 18.4% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock valued at $159,000 after acquiring an additional 2,047 shares during the period. Finally, Voya Investment Management LLC raised its stake in GenMark Diagnostics by 17.5% in the 2nd quarter. Voya Investment Management LLC now owns 19,725 shares of the medical equipment provider’s stock valued at $233,000 after acquiring an additional 2,943 shares during the period.
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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