GenMark Diagnostics, Inc. (GNMK) PT Lowered to $11.00 at Needham & Company LLC
GenMark Diagnostics, Inc. (NASDAQ:GNMK) had its target price reduced by investment analysts at Needham & Company LLC from $15.00 to $11.00 in a note issued to investors on Friday. The firm presently has a “buy” rating on the medical equipment provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 51.52% from the stock’s previous close.
GNMK has been the subject of a number of other reports. Bank of America Corporation assumed coverage on GenMark Diagnostics in a research report on Monday, September 18th. They issued a “buy” rating and a $13.00 target price for the company. BTIG Research reissued a “buy” rating and issued a $13.00 target price on shares of GenMark Diagnostics in a research report on Thursday, August 31st. Canaccord Genuity reissued a “buy” rating and issued a $14.00 target price on shares of GenMark Diagnostics in a research report on Monday. Cowen and Company reissued an “outperform” rating and issued a $17.00 target price on shares of GenMark Diagnostics in a research report on Wednesday, August 2nd. Finally, BidaskClub raised GenMark Diagnostics from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $13.60.
GenMark Diagnostics (NASDAQ:GNMK) last announced its earnings results on Tuesday, August 1st. The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). The firm had revenue of $12.36 million during the quarter, compared to analyst estimates of $12.44 million. GenMark Diagnostics had a negative net margin of 111.96% and a negative return on equity of 109.89%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the company earned ($0.30) earnings per share.
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In other GenMark Diagnostics news, insider Hany Massarany sold 8,311 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $9.45, for a total transaction of $78,538.95. Following the completion of the sale, the insider now directly owns 372,797 shares of the company’s stock, valued at approximately $3,522,931.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jennifer Anne Williams sold 38,681 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $9.08, for a total value of $351,223.48. Following the sale, the senior vice president now directly owns 155,889 shares of the company’s stock, valued at $1,415,472.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,636 shares of company stock valued at $522,648. 7.50% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. BlueCrest Capital Management Ltd purchased a new position in shares of GenMark Diagnostics during the 2nd quarter worth approximately $126,000. Legal & General Group Plc raised its stake in shares of GenMark Diagnostics by 2.1% during the 2nd quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 240 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of GenMark Diagnostics during the 2nd quarter worth approximately $137,000. Quantitative Systematic Strategies LLC raised its stake in shares of GenMark Diagnostics by 18.4% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 13,147 shares of the medical equipment provider’s stock worth $159,000 after buying an additional 2,047 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of GenMark Diagnostics by 17.5% during the 2nd quarter. Voya Investment Management LLC now owns 19,725 shares of the medical equipment provider’s stock worth $233,000 after buying an additional 2,943 shares in the last quarter.
GenMark Diagnostics Company Profile
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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