Quanterix (NASDAQ:QTRX)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity in a research note issued to investors on Wednesday.
The analysts wrote, “We think investors should own QTRX as it targets growth across 4 phases: 1) expansion in the life sciences research, followed by possible entry into new markets in 2) companion diagnostics; 3) point-of-care diagnostics; and 4) precision health and wellness screening, a $38 billion TAM. We reiterate our BUY rating and $27 PT. Q3 beat. Q3 revenues of $10.6M (+85% Y/Y, +61% adj.) topped our $8.4M (+47%)/ Street’s $8.3M, and included a 1-time payment of $1.3M from its licensing termination with BioMérieux. Product revs of $6.0M (+82% Y/Y) beat our $5.0M, while service revs (ex the 1-timer) of $3.0M was light of our $3.4M. QTRX beat us on consumables (+100% Y/Y beat our +70%) and instruments (+58% Y/Y beat our +30%). ~46% were in line with our 46.5%E. OPEX of $13.3M was above our $10.5ME. Net loss of ($7.7M) exceeded our ($6.9ME).””
Separately, Zacks Investment Research upgraded Quanterix from a “sell” rating to a “hold” rating in a report on Wednesday, July 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Quanterix currently has a consensus rating of “Buy” and an average price target of $26.67.
Quanterix (NASDAQ:QTRX) last released its quarterly earnings data on Friday, August 10th. The company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.06). The firm had revenue of $8.64 million during the quarter, compared to analysts’ expectations of $7.92 million. Analysts expect that Quanterix will post -1.21 earnings per share for the current year.
In related news, Chairman E Kevin Hrusovsky sold 17,909 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $14.53, for a total transaction of $260,217.77. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Ernest Orticerio sold 20,000 shares of the business’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $16.82, for a total value of $336,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,733 shares of company stock worth $710,080. Company insiders own 31.60% of the company’s stock.
A number of large investors have recently made changes to their positions in QTRX. Schwab Charles Investment Management Inc. purchased a new position in Quanterix during the 1st quarter valued at about $374,000. Northern Trust Corp purchased a new position in Quanterix during the 1st quarter valued at about $894,000. BlackRock Inc. purchased a new position in Quanterix during the 1st quarter valued at about $3,439,000. California State Teachers Retirement System purchased a new position in Quanterix during the 1st quarter valued at about $129,000. Finally, Pendal Group Ltd purchased a new position in Quanterix during the 2nd quarter valued at about $359,000. Institutional investors own 49.14% of the company’s stock.
Quanterix Company Profile
Quanterix Corporation, a life sciences company, develops and markets ultra-sensitive digital immunoassay platform that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific. It develops Simoa HD-1 Analyzer, a sensitive protein detection platform, which analyzes approximately six biomarkers per test; and Quanterix SR-X, which utilizes the same technology and assay kit as the Simoa HD-1 Analyzer.
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