GenMark Diagnostics (GNMK) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of GenMark Diagnostics (NASDAQ:GNMK) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

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. “

Other research analysts also recently issued reports about the stock. BidaskClub raised shares of GenMark Diagnostics from a hold rating to a buy rating in a research report on Friday, August 3rd. ValuEngine raised shares of GenMark Diagnostics from a strong sell rating to a sell rating in a research report on Friday, August 10th. Needham & Company LLC reissued a buy rating and set a $11.00 price objective on shares of GenMark Diagnostics in a research report on Tuesday, July 31st. Finally, Canaccord Genuity reduced their price objective on shares of GenMark Diagnostics from $10.00 to $9.00 and set a buy rating on the stock in a research report on Tuesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $10.33.

Shares of NASDAQ GNMK traded up $0.09 during mid-day trading on Wednesday, hitting $4.94. The stock had a trading volume of 22,158 shares, compared to its average volume of 471,621. The company has a quick ratio of 3.10, a current ratio of 3.75 and a debt-to-equity ratio of 0.69. GenMark Diagnostics has a 1 year low of $3.98 and a 1 year high of $8.81. The company has a market cap of $247.32 million, a price-to-earnings ratio of -4.11 and a beta of 1.26.

GenMark Diagnostics (NASDAQ:GNMK) last issued its earnings results on Monday, October 29th. The medical equipment provider reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). GenMark Diagnostics had a negative net margin of 79.33% and a negative return on equity of 95.36%. The company had revenue of $15.80 million for the quarter, compared to the consensus estimate of $15.76 million. Equities research analysts anticipate that GenMark Diagnostics will post -0.86 earnings per share for the current year.

In other GenMark Diagnostics news, CEO Hany Massarany sold 6,203 shares of the business’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $7.16, for a total transaction of $44,413.48. Following the transaction, the chief executive officer now directly owns 682,491 shares of the company’s stock, valued at approximately $4,886,635.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 22,099 shares of company stock worth $152,636. Insiders own 7.50% of the company’s stock.

Institutional investors have recently modified their holdings of the business. FMR LLC boosted its holdings in shares of GenMark Diagnostics by 0.5% during the 2nd quarter. FMR LLC now owns 8,311,860 shares of the medical equipment provider’s stock valued at $53,030,000 after buying an additional 37,248 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of GenMark Diagnostics by 0.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,414,814 shares of the medical equipment provider’s stock valued at $32,448,000 after buying an additional 36,100 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of GenMark Diagnostics by 8.1% during the 2nd quarter. BlackRock Inc. now owns 3,358,717 shares of the medical equipment provider’s stock valued at $21,429,000 after buying an additional 250,306 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of GenMark Diagnostics by 1,118.6% during the 2nd quarter. Millennium Management LLC now owns 741,752 shares of the medical equipment provider’s stock valued at $4,732,000 after buying an additional 680,882 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of GenMark Diagnostics by 3.5% during the 2nd quarter. Northern Trust Corp now owns 662,837 shares of the medical equipment provider’s stock valued at $4,229,000 after buying an additional 22,692 shares in the last quarter. 99.28% of the stock is currently owned by institutional investors and hedge funds.

About GenMark Diagnostics

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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