GenMark Diagnostics, Inc. (GNMK) Shares Gap Down Following Analyst Downgrade

GenMark Diagnostics, Inc. (NASDAQ:GNMK) shares gapped down before the market opened on Monday after Needham & lowered their price target on the stock from $15.00 to $11.00. The stock had previously closed at $2.52, but opened at $4.26. Needham & currently has a buy rating on the stock. GenMark Diagnostics shares last traded at $3.80, with a volume of 3561520 shares traded.

A number of other research analysts have also issued reports on the stock. Canaccord Genuity restated a “buy” rating and set a $14.00 price target on shares of GenMark Diagnostics in a research note on Monday, October 30th. Cowen and Company restated an “outperform” rating and set a $17.00 price target on shares of GenMark Diagnostics in a research note on Wednesday, August 2nd. BidaskClub lowered shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. BTIG Research restated a “buy” rating and set a $13.00 price target on shares of GenMark Diagnostics in a research note on Thursday, August 31st. Finally, Bank of America Corporation began coverage on shares of GenMark Diagnostics in a research note on Monday, September 18th. They set a “buy” rating and a $13.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $12.20.

In other news, insider Hany Massarany sold 8,311 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $9.45, for a total value of $78,538.95. Following the sale, the insider now owns 372,797 shares in the company, valued at $3,522,931.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jennifer Anne Williams sold 38,681 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $9.08, for a total transaction of $351,223.48. Following the completion of the sale, the senior vice president now owns 155,889 shares in the company, valued at approximately $1,415,472.12. The disclosure for this sale can be found here. Insiders sold 58,917 shares of company stock worth $539,162 in the last quarter. Company insiders own 7.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlueCrest Capital Management Ltd purchased a new stake in GenMark Diagnostics during the second quarter worth $126,000. Legal & General Group Plc boosted its holdings in GenMark Diagnostics by 2.1% during the second 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 purchased a new stake in GenMark Diagnostics during the second quarter worth $137,000. Quantitative Systematic Strategies LLC boosted its holdings in GenMark Diagnostics by 18.4% during the second 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. purchased a new stake in GenMark Diagnostics during the third quarter worth $172,000.

The company has a current ratio of 2.97, a quick ratio of 2.77 and a debt-to-equity ratio of 0.12.

GenMark Diagnostics (NASDAQ:GNMK) last announced its quarterly earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.02). GenMark Diagnostics had a negative return on equity of 100.33% and a negative net margin of 116.76%. The firm had revenue of $11.60 million for the quarter, compared to analysts’ expectations of $14.56 million. During the same period last year, the company posted ($0.27) earnings per share. The business’s quarterly revenue was up 7.4% on a year-over-year basis. analysts predict that GenMark Diagnostics, Inc. will post -1.06 EPS for the current year.

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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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