Alamar Biosciences (NASDAQ:ALMR) Issues Earnings Results, Beats Estimates By $0.03 EPS

Alamar Biosciences (NASDAQ:ALMR) issued its quarterly earnings data on Wednesday. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.03, FiscalAI reports. The company had revenue of $33.55 million during the quarter.

Alamar Biosciences Stock Up 2.2%

NASDAQ ALMR traded up $0.58 on Friday, hitting $27.49. The company’s stock had a trading volume of 309,043 shares, compared to its average volume of 436,647. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.23 and a current ratio of 11.85. Alamar Biosciences has a 1-year low of $18.84 and a 1-year high of $39.61. The stock’s 50-day simple moving average is $30.24. The company has a market capitalization of $1.91 billion and a price-to-earnings ratio of -14.03.

Insider Activity

In other news, major shareholder Corporate Gp Vi Ltd. Qiming sold 208,815 shares of Alamar Biosciences stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $30.31, for a total transaction of $6,329,182.65. Following the transaction, the insider owned 174,677 shares in the company, valued at approximately $5,294,459.87. The trade was a 54.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,498,949 shares of company stock worth $44,562,077 over the last ninety days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. bought a new stake in Alamar Biosciences in the third quarter valued at approximately $196,000. Squarepoint Ops LLC acquired a new stake in shares of Alamar Biosciences during the second quarter worth $283,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Alamar Biosciences by 18.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 66,913 shares of the company’s stock worth $2,280,000 after buying an additional 10,461 shares during the last quarter. State Street Corp bought a new position in Alamar Biosciences during the second quarter worth $3,930,000. Finally, Wellington Management Group LLP acquired a new position in Alamar Biosciences in the second quarter valued at $12,407,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings cut Alamar Biosciences from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. TD Cowen boosted their price objective on Alamar Biosciences from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their target price on Alamar Biosciences from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Finally, Stifel Nicolaus increased their target price on Alamar Biosciences from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Alamar Biosciences currently has a consensus rating of “Hold” and an average price target of $33.00.

About Alamar Biosciences

Alamar Biosciences, Inc (NASDAQ: ALMR) is a life sciences company focused on advancing proteomics and enabling earlier detection, diagnosis and monitoring of disease. The company develops technologies designed to measure very low levels of proteins in biological samples, supporting research in areas such as oncology, neurology, immunology and other complex diseases.

Its primary technology is the NULISA platform, a highly sensitive, multiplexed immunoassay system that combines affinity-based protein detection with digital counting.