GenMark Diagnostics (GNMK) Shares Up 7.5%

GenMark Diagnostics, Inc (NASDAQ:GNMK) shares shot up 7.5% on Monday . The company traded as high as $5.06 and last traded at $5.03. 608,400 shares traded hands during trading, an increase of 14% from the average session volume of 532,925 shares. The stock had previously closed at $4.68.

A number of research firms recently weighed in on GNMK. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of GenMark Diagnostics in a research note on Wednesday, October 4th. Bank of America began coverage on shares of GenMark Diagnostics in a research note on Monday, September 18th. They set a “buy” rating and a $13.00 target price on the stock. Canaccord Genuity restated a “buy” rating and set a $14.00 target price on shares of GenMark Diagnostics in a research note on Monday, October 30th. Zacks Investment Research cut shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Finally, Cowen reiterated a “buy” rating and issued a $10.00 price target on shares of GenMark Diagnostics in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. GenMark Diagnostics currently has an average rating of “Hold” and a consensus price target of $11.80.

The company has a debt-to-equity ratio of 0.12, a current ratio of 2.97 and a quick ratio of 2.77. The company has a market capitalization of $275.62, a price-to-earnings ratio of -4.09 and a beta of 0.65.

GenMark Diagnostics (NASDAQ:GNMK) last posted its earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $11.60 million during the quarter, compared to the consensus estimate of $14.56 million. During the same quarter last year, the firm earned ($0.27) earnings per share. The business’s quarterly revenue was up 7.4% on a year-over-year basis. analysts forecast that GenMark Diagnostics, Inc will post -1.17 earnings per share for the current fiscal year.

In related news, insider Hany Massarany sold 8,252 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $4.74, for a total transaction of $39,114.48. Following the transaction, the insider now directly owns 362,957 shares in the company, valued at approximately $1,720,416.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Kagnoff purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were purchased at an average price of $4.13 per share, for a total transaction of $82,600.00. Following the completion of the acquisition, the director now directly owns 64,413 shares in the company, valued at approximately $266,025.69. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 18,407 shares of company stock worth $92,878. Insiders own 7.50% of the company’s stock.

A number of large investors have recently modified their holdings of GNMK. BlueCrest Capital Management Ltd bought a new position in GenMark Diagnostics during the 2nd quarter valued at about $126,000. Legal & General Group Plc grew its holdings in 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 purchasing an additional 240 shares during the last quarter. Susquehanna International Group LLP bought a new position in GenMark Diagnostics during the 2nd quarter valued at about $137,000. Wrapmanager Inc. bought a new position in GenMark Diagnostics in the 3rd quarter worth about $172,000. Finally, OLD National Bancorp IN bought a new position in GenMark Diagnostics in the 3rd quarter worth about $217,000.

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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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