GenMark Diagnostics, Inc. (NASDAQ:GNMK) Downgraded by BidaskClub to Sell
GenMark Diagnostics, Inc. (NASDAQ:GNMK) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a report issued on Monday.
Several other analysts also recently issued reports on GNMK. Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 price objective (down from $17.00) on shares of GenMark Diagnostics in a report on Monday, August 7th. Cowen and Company reaffirmed an “outperform” rating and set a $17.00 price objective on shares of GenMark Diagnostics in a report on Wednesday, August 2nd. ValuEngine raised shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price objective (up from $15.00) on shares of GenMark Diagnostics in a report on Wednesday, May 3rd. Finally, Zacks Investment Research downgraded shares of GenMark Diagnostics from a “buy” rating to a “hold” rating in a report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. GenMark Diagnostics currently has an average rating of “Hold” and an average price target of $15.80.
GenMark Diagnostics (GNMK) traded up 0.90% during midday trading on Monday, reaching $10.09. 497,623 shares of the company traded hands. GenMark Diagnostics has a 12 month low of $8.03 and a 12 month high of $13.67. The stock’s market capitalization is $551.59 million. The firm has a 50 day moving average of $11.48 and a 200-day moving average of $12.19.
GenMark Diagnostics (NASDAQ:GNMK) last posted its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by $0.05. The firm had revenue of $12.36 million for the quarter, compared to the consensus estimate of $12.44 million. GenMark Diagnostics had a negative return on equity of 109.89% and a negative net margin of 111.96%. GenMark Diagnostics’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.30) earnings per share. Analysts forecast that GenMark Diagnostics will post ($1.07) EPS for the current fiscal year.
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In related news, CFO Scott Mendel sold 2,135 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $12.89, for a total transaction of $27,520.15. Following the completion of the transaction, the chief financial officer now directly owns 143,079 shares in the company, valued at approximately $1,844,288.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Hany Massarany sold 8,239 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $12.89, for a total transaction of $106,200.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,015 shares of company stock valued at $201,742. Corporate insiders own 7.50% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GNMK. Bellevue Group AG bought a new position in GenMark Diagnostics during the first quarter valued at approximately $4,008,000. Metropolitan Life Insurance Co. NY boosted its position in GenMark Diagnostics by 10.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 29,013 shares of the medical equipment provider’s stock valued at $355,000 after buying an additional 2,689 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in GenMark Diagnostics during the first quarter valued at approximately $375,000. Ameriprise Financial Inc. bought a new position in GenMark Diagnostics during the first quarter valued at approximately $435,000. Finally, Nationwide Fund Advisors boosted its position in GenMark Diagnostics by 3.9% in the first quarter. Nationwide Fund Advisors now owns 25,936 shares of the medical equipment provider’s stock valued at $332,000 after buying an additional 981 shares during the last quarter. Hedge funds and other institutional investors own 93.07% of the company’s stock.
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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