GenMark Diagnostics Inc. (GNMK) Stock Price Down 2.7%
GenMark Diagnostics Inc. (NASDAQ:GNMK) shares traded down 2.7% on Wednesday . The company traded as low as $10.63 and last traded at $10.74, with a volume of 142,976 shares changing hands. The stock had previously closed at $11.04.
A number of research analysts recently weighed in on the stock. Canaccord Genuity reissued a “buy” rating and issued a $13.00 target price on shares of GenMark Diagnostics in a report on Friday, July 29th. Cowen and Company raised shares of GenMark Diagnostics from a “market perform” rating to an “outperform” rating and set a $17.00 target price for the company in a report on Friday, September 16th. Zacks Investment Research raised shares of GenMark Diagnostics from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Tuesday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of GenMark Diagnostics from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Friday, July 29th. Finally, Needham & Company LLC initiated coverage on shares of GenMark Diagnostics in a research note on Friday, June 17th. They set a “buy” rating and a $13.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus target price of $11.89.
The firm has a 50 day moving average of $9.14 and a 200-day moving average of $7.66. The firm’s market capitalization is $468.19 million.
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GenMark Diagnostics (NASDAQ:GNMK) last announced its earnings results on Thursday, July 28th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.03. GenMark Diagnostics had a negative return on equity of 108.34% and a negative net margin of 101.78%. The company had revenue of $12.50 million for the quarter, compared to the consensus estimate of $9.62 million. During the same period last year, the business posted ($0.29) EPS. The company’s revenue was up 63.6% on a year-over-year basis. Analysts predict that GenMark Diagnostics Inc. will post ($1.18) EPS for the current year.
In related news, SVP Michael Gleeson sold 7,500 shares of GenMark Diagnostics stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $9.00, for a total value of $67,500.00. Following the sale, the senior vice president now directly owns 246,934 shares in the company, valued at $2,222,406. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Jennifer Anne Williams sold 24,172 shares of GenMark Diagnostics stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $8.63, for a total value of $208,604.36. Following the completion of the sale, the senior vice president now owns 164,937 shares in the company, valued at $1,423,406.31. The disclosure for this sale can be found here. 7.09% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of GNMK. Vanguard Group Inc. increased its stake in GenMark Diagnostics by 6.8% in the second quarter. Vanguard Group Inc. now owns 1,641,312 shares of the company’s stock worth $14,279,000 after buying an additional 104,864 shares during the period. Turner Investments L.P. acquired a new stake in GenMark Diagnostics during the second quarter worth $218,000. I.G. Investment Management LTD. increased its stake in GenMark Diagnostics by 0.7% in the second quarter. I.G. Investment Management LTD. now owns 141,280 shares of the company’s stock worth $1,229,000 after buying an additional 1,000 shares during the period. State Board of Administration of Florida Retirement System increased its stake in GenMark Diagnostics by 4.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 17,007 shares of the company’s stock worth $148,000 after buying an additional 799 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in GenMark Diagnostics by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 185,657 shares of the company’s stock worth $1,614,000 after buying an additional 3,999 shares during the period.
GenMark Diagnostics Company Profile
GenMark Diagnostics, Inc (GenMark) is a molecular diagnostics company. The Company focuses on developing and commercializing its eSensor detection technology. Its eSensor electrochemical technology detects multiple distinct biomarkers in a single sample. It sells its XT-8 instrument and related diagnostic and research tests (XT-8 system) in the United States.
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