GenMark Diagnostics (GNMK) Downgraded to “Strong Sell” at BidaskClub
BidaskClub downgraded shares of GenMark Diagnostics (NASDAQ:GNMK) from a sell rating to a strong sell rating in a research note released on Tuesday morning.
A number of other brokerages have also recently issued reports on GNMK. Needham & Company LLC reiterated a buy rating and set a $15.00 price objective (down previously from $17.00) on shares of GenMark Diagnostics in a research note on Wednesday, September 13th. Canaccord Genuity restated a buy rating on shares of GenMark Diagnostics in a research note on Wednesday, September 27th. Bank of America began coverage on GenMark Diagnostics in a research note on Monday, September 18th. They issued a buy rating and a $13.00 price target on the stock. Raymond James Financial restated a market perform rating on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Finally, BTIG Research set a $11.00 price target on GenMark Diagnostics and gave the company a buy rating in a research note on Monday, November 20th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. GenMark Diagnostics presently has a consensus rating of Hold and a consensus price target of $11.80.
Shares of GenMark Diagnostics (NASDAQ GNMK) opened at $5.03 on Tuesday. GenMark Diagnostics has a 12 month low of $3.63 and a 12 month high of $13.67. The company has a current ratio of 2.97, a quick ratio of 2.77 and a debt-to-equity ratio of 0.12.
GenMark Diagnostics (NASDAQ:GNMK) last announced its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). GenMark Diagnostics had a negative return on equity of 100.33% and a negative net margin of 116.76%. The company had revenue of $11.60 million for the quarter, compared to the consensus estimate of $14.56 million. During the same quarter in the prior year, the company earned ($0.27) EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. research analysts anticipate that GenMark Diagnostics will post -1.17 earnings per share for the current year.
In other GenMark Diagnostics news, Director Michael Kagnoff acquired 20,000 shares of GenMark Diagnostics stock in a transaction that occurred on Monday, November 6th. The shares were acquired at an average cost of $4.13 per share, with a total value of $82,600.00. Following the completion of the purchase, the director now directly owns 64,413 shares of the company’s stock, valued at approximately $266,025.69. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hany Massarany sold 8,252 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $4.74, for a total value of $39,114.48. Following the completion of the sale, the insider now directly owns 362,957 shares in the company, valued at $1,720,416.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,407 shares of company stock worth $92,878. 7.50% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in GenMark Diagnostics by 7.3% in the third quarter. JPMorgan Chase & Co. now owns 4,396,940 shares of the medical equipment provider’s stock valued at $41,288,000 after buying an additional 299,173 shares in the last quarter. Vanguard Group Inc. boosted its stake in GenMark Diagnostics by 10.9% in the second quarter. Vanguard Group Inc. now owns 2,169,476 shares of the medical equipment provider’s stock valued at $25,664,000 after buying an additional 212,795 shares in the last quarter. Federated Investors Inc. PA boosted its stake in GenMark Diagnostics by 62,991.5% in the second quarter. Federated Investors Inc. PA now owns 200,000 shares of the medical equipment provider’s stock valued at $2,366,000 after buying an additional 199,683 shares in the last quarter. State Street Corp boosted its stake in GenMark Diagnostics by 9.4% in the second quarter. State Street Corp now owns 888,727 shares of the medical equipment provider’s stock valued at $10,515,000 after buying an additional 76,010 shares in the last quarter. Finally, Northpointe Capital LLC boosted its stake in GenMark Diagnostics by 24.4% in the third quarter. Northpointe Capital LLC now owns 1,552,740 shares of the medical equipment provider’s stock valued at $14,953,000 after buying an additional 304,232 shares in the last quarter.
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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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