TearLab Corp. (TEAR) Rating Increased to Hold at Zacks Investment Research
TearLab Corp. (NASDAQ:TEAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “TearLab Corporation is an ophthalmic device company developing and commercializing novel, lab-on-a-chip technologies that enable eye care practitioners to test for highly sensitive and specific biomarkers in tears at the point-of-care. The Company is commercializing a proprietary in vitro diagnostic tear testing platform, the TearLabTM Osmolarity System, which is capable of accurately and rapidly measuring biomarkers in tears at the point-of-care. The TearLabTM System requires nanoliters of tears for testing, potentially reducing collection time and simplifying the tear collection process. TearLab Corporation, formerly known as OccuLogix Inc., is headquartered in San Diego, California. “
A number of other research analysts have also weighed in on the stock. Rodman & Renshaw started coverage on shares of TearLab Corp. in a research note on Tuesday, July 12th. They issued a “buy” rating and a $2.00 target price on the stock. Roth Capital lowered shares of TearLab Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $2.60.
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Shares of TearLab Corp. (NASDAQ:TEAR) opened at 0.72 on Thursday. TearLab Corp. has a one year low of $0.58 and a one year high of $2.25. The company has a 50 day moving average price of $0.75 and a 200-day moving average price of $0.74. The stock’s market cap is $38.09 million.
TearLab Corp. (NASDAQ:TEAR) last released its earnings results on Wednesday, August 3rd. The company reported ($0.08) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.08). TearLab Corp. had a negative net margin of 105.59% and a negative return on equity of 477.83%. The business had revenue of $6.90 million for the quarter, compared to analyst estimates of $6.95 million. During the same period last year, the company posted ($0.24) EPS. The business’s revenue was up 8.8% on a year-over-year basis. Equities analysts predict that TearLab Corp. will post ($0.44) earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC increased its stake in shares of TearLab Corp. by 0.4% in the second quarter. First Light Asset Management LLC now owns 3,760,430 shares of the company’s stock worth $2,407,000 after buying an additional 14,267 shares in the last quarter. Sabby Management LLC purchased a new stake in shares of TearLab Corp. during the second quarter worth about $1,205,000. Vanguard Group Inc. increased its stake in shares of TearLab Corp. by 0.4% in the second quarter. Vanguard Group Inc. now owns 825,984 shares of the company’s stock worth $528,000 after buying an additional 3,100 shares in the last quarter. AWM Investment Company Inc. purchased a new stake in shares of TearLab Corp. during the second quarter worth about $3,377,000. Finally, Perkins Capital Management Inc. increased its stake in shares of TearLab Corp. by 38.0% in the second quarter. Perkins Capital Management Inc. now owns 1,755,242 shares of the company’s stock worth $1,123,000 after buying an additional 483,500 shares in the last quarter. Institutional investors and hedge funds own 38.50% of the company’s stock.
TearLab Corp. Company Profile
TearLab Corporation is an in-vitro diagnostic company. The Company has commercialized a tear testing platform, the TearLab Osmolarity System, which enables eye care practitioners to test for sensitive and specific biomarkers using nanoliters of tear film at the point-of-care. The Company, through its subsidiary TearLab Research, Inc, develops technologies to enable eye care practitioners to test a range of biomarkers (chemistries, metabolites, genes and proteins) at the point-of-care.
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