TearLab Corp. (TEAR) Raised 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 research note issued on Wednesday.
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 equities research analysts have also weighed in on the stock. Rodman & Renshaw assumed coverage on shares of TearLab Corp. in a report on Tuesday, July 12th. They set a “buy” rating and a $2.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $2.00 price objective on shares of TearLab Corp. in a report on Sunday. Finally, Roth Capital lowered shares of TearLab Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $2.50.
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Shares of TearLab Corp. (NASDAQ:TEAR) opened at 0.63 on Wednesday. The stock’s market capitalization is $33.33 million. The stock has a 50 day moving average of $0.68 and a 200-day moving average of $0.73. TearLab Corp. has a one year low of $0.58 and a one year high of $2.11.
TearLab Corp. (NASDAQ:TEAR) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.08) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.08). The business earned $6.90 million during the quarter, compared to analysts’ expectations of $6.95 million. During the same period in the prior year, the business 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 and other institutional investors have recently bought and sold shares of the company. AWM Investment Company Inc. acquired a new position in TearLab Corp. during the second quarter worth about $3,377,000. First Light Asset Management LLC increased its position in 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 during the last quarter. Sabby Management LLC acquired a new position in TearLab Corp. during the second quarter worth about $1,205,000. Perkins Capital Management Inc. increased its position in 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 during the last quarter. Finally, Vanguard Group Inc. increased its position in 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 during the last quarter. Institutional investors own 38.50% of the company’s stock.
About TearLab Corp.
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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