GenMark Diagnostics, Inc. (GNMK) Stock Price Down 41.6% on Disappointing Earnings
Shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) were down 41.6% on Friday following a dissappointing earnings announcement. The stock traded as low as $3.87 and last traded at $4.26. Approximately 7,007,583 shares changed hands during mid-day trading, an increase of 1,849% from the average daily volume of 359,599 shares. The stock had previously closed at $7.30.
The medical equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.02). GenMark Diagnostics had a negative net margin of 116.76% and a negative return on equity of 113.51%. 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 previous year, the business earned ($0.27) earnings per share. GenMark Diagnostics’s revenue was up 7.4% compared to the same quarter last year.
Several equities analysts have recently weighed in on GNMK shares. Needham & Company LLC reduced their price target on GenMark Diagnostics from $15.00 to $11.00 and set a “buy” rating for the company in a report on Friday. Canaccord Genuity restated a “buy” rating and set a $14.00 price target on shares of GenMark Diagnostics in a report on Monday. Bank of America Corporation started coverage on GenMark Diagnostics in a report on Monday, September 18th. They set a “buy” rating and a $13.00 price target for the company. BTIG Research restated a “buy” rating and set a $13.00 price target on shares of GenMark Diagnostics in a report on Thursday, August 31st. Finally, Cowen and Company restated a “buy” rating and set a $10.00 price target on shares of GenMark Diagnostics in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $12.20.
In related news, SVP Jennifer Anne Williams sold 38,681 shares of GenMark Diagnostics stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $9.08, for a total value of $351,223.48. Following the completion of the sale, the senior vice president now directly owns 155,889 shares in the company, valued at approximately $1,415,472.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hany Massarany sold 8,311 shares of GenMark Diagnostics stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $9.45, for a total value of $78,538.95. Following the completion of the sale, the insider now owns 372,797 shares of the company’s stock, valued at $3,522,931.65. The disclosure for this sale can be found here. Insiders sold a total of 56,636 shares of company stock valued at $522,648 over the last quarter. 7.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GNMK. BlueCrest Capital Management Ltd bought a new stake in GenMark Diagnostics in the 2nd quarter worth about $126,000. Legal & General Group Plc increased its holdings in GenMark Diagnostics by 2.1% in 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 bought a new stake in GenMark Diagnostics in the 2nd quarter worth about $137,000. Quantitative Systematic Strategies LLC increased its holdings in GenMark Diagnostics by 18.4% in 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, Wrapmanager Inc. bought a new stake in GenMark Diagnostics in the 3rd quarter worth about $172,000.
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About GenMark Diagnostics
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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