GenMark Diagnostics, Inc. (NASDAQ:GNMK)’s share price fell 9.5% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $9.45 and last traded at $10.71, with a volume of 3,158,657 shares changing hands. The stock had previously closed at $11.83.
The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.32) by $0.05. The business had revenue of $12.36 million during the quarter, compared to the consensus estimate of $12.44 million. GenMark Diagnostics had a negative net margin of 111.96% and a negative return on equity of 109.89%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.30) EPS.
A number of research firms have issued reports on GNMK. Needham & Company LLC boosted their price objective on shares of GenMark Diagnostics from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $17.00 price target on shares of GenMark Diagnostics in a report on Monday, June 12th. Cowen and Company reaffirmed an “outperform” rating and set a $17.00 price target on shares of GenMark Diagnostics in a report on Wednesday, August 2nd. ValuEngine upgraded shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research cut shares of GenMark Diagnostics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $15.80.
Institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of GenMark Diagnostics by 1.4% in the first quarter. FMR LLC now owns 7,057,680 shares of the medical equipment provider’s stock valued at $90,480,000 after buying an additional 97,034 shares during the period. American International Group Inc. boosted its stake in GenMark Diagnostics by 7.8% in the first quarter. American International Group Inc. now owns 24,885 shares of the medical equipment provider’s stock valued at $319,000 after buying an additional 1,802 shares during the period. JPMorgan Chase & Co. boosted its stake in GenMark Diagnostics by 5.1% in the first quarter. JPMorgan Chase & Co. now owns 3,538,138 shares of the medical equipment provider’s stock valued at $45,359,000 after buying an additional 170,977 shares during the period. Airain ltd purchased a new stake in GenMark Diagnostics during the first quarter valued at $159,000. Finally, Ameriprise Financial Inc. purchased a new stake in GenMark Diagnostics during the first quarter valued at $435,000. Hedge funds and other institutional investors own 93.07% of the company’s stock.
The firm has a 50 day moving average of $11.19 and a 200-day moving average of $12.12. The stock’s market capitalization is $524.80 million.
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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