Zacks Investment Research Upgrades GenMark Diagnostics (GNMK) to Hold
According to Zacks, “GenMark Diagnostics, Inc. is a molecular diagnostics company focused on developing and commercializing its proprietary eSensor(R) detection technology. The eSensor® XT-8 system is the second generation in GenMark Dx’s eSensor® platform, utilizing electrochemical detection technology to detect nucleic acids on a microarray. The XT-8 System enables multiplex detection of DNA and RNA targets. The Company has developed four diagnostic tests for use with its XT-8 System. Its Cystic Fibrosis Genotyping Test, which detects pre-conception risks of cystic fibrosis, and its Warfarin Sensitivity Test, which determines an individual’s ability to metabolize the oral anticoagulant warfarin, have received FDA clearance. It has also developed a Respiratory Viral Panel Test, which detects the presence of major respiratory viruses, and a Thrombosis Risk Test, which detects an individual’s increased risk of blood clots. GenMark Diagnostics, Inc. is based in Pasadena, California. “
GNMK has been the subject of a number of other research reports. Canaccord Genuity restated a buy rating and issued a $10.00 price target on shares of GenMark Diagnostics in a research report on Wednesday, May 1st. BidaskClub cut GenMark Diagnostics from a hold rating to a sell rating in a research report on Friday, April 19th. Finally, Needham & Company LLC restated a buy rating and issued a $12.00 price target on shares of GenMark Diagnostics in a research report on Friday, February 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. GenMark Diagnostics presently has an average rating of Hold and a consensus target price of $9.67.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings results on Tuesday, April 30th. The medical equipment provider reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The company had revenue of $21.53 million during the quarter, compared to analysts’ expectations of $21.08 million. GenMark Diagnostics had a negative return on equity of 137.04% and a negative net margin of 71.40%. Equities research analysts anticipate that GenMark Diagnostics will post -0.81 EPS for the current year.
In related news, SVP Michael Gleeson sold 10,000 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $8.00, for a total transaction of $80,000.00. Following the completion of the sale, the senior vice president now owns 363,101 shares in the company, valued at $2,904,808. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hany Massarany sold 7,837 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $6.83, for a total value of $53,526.71. Following the sale, the chief executive officer now owns 841,567 shares of the company’s stock, valued at approximately $5,747,902.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,847 shares of company stock valued at $395,743. Company insiders own 5.24% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of GenMark Diagnostics by 0.9% during the first quarter. FMR LLC now owns 8,470,863 shares of the medical equipment provider’s stock worth $60,058,000 after purchasing an additional 77,571 shares in the last quarter. Cadian Capital Management LP grew its position in shares of GenMark Diagnostics by 2.9% during the first quarter. Cadian Capital Management LP now owns 5,152,009 shares of the medical equipment provider’s stock worth $36,528,000 after purchasing an additional 143,887 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of GenMark Diagnostics by 0.8% during the third quarter. JPMorgan Chase & Co. now owns 4,414,814 shares of the medical equipment provider’s stock worth $32,448,000 after purchasing an additional 36,100 shares in the last quarter. Casdin Capital LLC grew its position in shares of GenMark Diagnostics by 9.0% during the fourth quarter. Casdin Capital LLC now owns 3,815,000 shares of the medical equipment provider’s stock worth $18,541,000 after purchasing an additional 315,000 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of GenMark Diagnostics by 0.8% during the fourth quarter. BlackRock Inc. now owns 3,638,332 shares of the medical equipment provider’s stock worth $17,683,000 after purchasing an additional 28,537 shares in the last quarter. Hedge funds and other institutional investors own 91.07% of the company’s stock.
GenMark Diagnostics Company Profile
GenMark Diagnostics, Inc, a molecular diagnostics company, develops and commercializes molecular tests based on its proprietary eSensor electrochemical detection technology. It provides ePlex instrument and respiratory pathogen panel, which integrates automated nucleic acid extraction and amplification with its eSensor detection technology to enable operators using ePlex system to place patient sample directly into its test cartridge and obtain results.
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