Zacks Investment Research Upgrades TearLab Corp. (TEAR) to “Hold”
TearLab Corp. (NASDAQ:TEAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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. “
Other research analysts have also issued reports about the stock. Rodman & Renshaw initiated coverage on shares of TearLab Corp. in a research note on Tuesday, July 12th. They issued a “buy” rating and a $2.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 price objective on shares of TearLab Corp. in a research note on Sunday. Finally, Roth Capital lowered shares of TearLab Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $2.50.
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TearLab Corp. (NASDAQ:TEAR) opened at 0.63 on Wednesday. The company has a 50-day moving average of $0.68 and a 200-day moving average of $0.73. TearLab Corp. has a 52 week low of $0.58 and a 52 week high of $2.11. The firm’s market cap is $33.33 million.
TearLab Corp. (NASDAQ:TEAR) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The business earned $6.90 million during the quarter, compared to the consensus estimate of $6.95 million. During the same period last year, the business posted ($0.24) earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts forecast that TearLab Corp. will post ($0.44) earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake 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 period. Perkins Capital Management Inc. increased its stake 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 period. Sabby Management LLC bought a new stake in TearLab Corp. during the second quarter worth about $1,205,000. First Light Asset Management LLC increased its stake 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 period. Finally, AWM Investment Company Inc. bought a new stake in TearLab Corp. during the second quarter worth about $3,377,000. Institutional investors and hedge funds 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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