GenMark Diagnostics, Inc. (GNMK) Trading Down 41.6% Following Weak Earnings

Shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) fell 41.6% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $3.87 and last traded at $4.26. 7,007,583 shares were traded during mid-day trading, an increase of 1,849% from the average session 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 return on equity of 113.51% and a negative net margin of 116.76%. The firm had revenue of $11.60 million during the quarter, compared to analysts’ expectations of $14.56 million. During the same period last year, the business posted ($0.27) EPS. The company’s revenue was up 7.4% compared to the same quarter last year.

Several brokerages recently weighed in on GNMK. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price objective on shares of GenMark Diagnostics in a report on Monday, October 30th. Cowen and Company reissued a “buy” rating and issued a $10.00 price objective on shares of GenMark Diagnostics in a report on Friday. BidaskClub lowered GenMark Diagnostics from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of GenMark Diagnostics in a report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of GenMark Diagnostics in a report on Wednesday, October 4th. 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 stock. The stock currently has a consensus rating of “Buy” and an average price target of $12.20.

In other GenMark Diagnostics news, SVP Jennifer Anne Williams sold 38,681 shares of the firm’s 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 transaction, the senior vice president now owns 155,889 shares in the company, valued at approximately $1,415,472.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hany Massarany sold 8,311 shares of the firm’s 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 transaction, the insider now owns 372,797 shares of the company’s stock, valued at approximately $3,522,931.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,917 shares of company stock valued at $539,162. 7.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of GNMK. Legal & General Group Plc boosted its position in shares of GenMark Diagnostics by 2.1% during the 2nd quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock valued at $137,000 after acquiring an additional 240 shares during the last quarter. Rhumbline Advisers boosted its position in shares of GenMark Diagnostics by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 48,445 shares of the medical equipment provider’s stock valued at $573,000 after acquiring an additional 408 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of GenMark Diagnostics by 0.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 168,888 shares of the medical equipment provider’s stock valued at $1,998,000 after acquiring an additional 1,268 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of GenMark Diagnostics by 4.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,023 shares of the medical equipment provider’s stock valued at $426,000 after acquiring an additional 1,410 shares during the last quarter. Finally, American International Group Inc. boosted its position in shares of GenMark Diagnostics by 7.8% during the 1st quarter. American International Group Inc. now owns 24,885 shares of the medical equipment provider’s stock valued at $319,000 after acquiring an additional 1,802 shares during the last quarter.

The company has a current ratio of 3.60, a quick ratio of 3.39 and a debt-to-equity ratio of 0.16.

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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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