BidaskClub Lowers GenMark Diagnostics (NASDAQ:GNMK) to Sell

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BidaskClub cut shares of GenMark Diagnostics (NASDAQ:GNMK) from a hold rating to a sell rating in a report released on Monday, BidAskClub reports.

Several other research analysts have also weighed in on the company. Canaccord Genuity reiterated a buy rating and set a $10.00 target price on shares of GenMark Diagnostics in a report on Wednesday, May 1st. Zacks Investment Research lowered GenMark Diagnostics from a hold rating to a sell rating in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $9.67.

Shares of GenMark Diagnostics stock opened at $6.22 on Monday. The company has a current ratio of 3.93, a quick ratio of 3.40 and a debt-to-equity ratio of 1.96. GenMark Diagnostics has a 12 month low of $3.58 and a 12 month high of $8.81. The business’s fifty day moving average is $6.85. The firm has a market capitalization of $354.72 million, a PE ratio of -6.84 and a beta of 1.48.

GenMark Diagnostics (NASDAQ:GNMK) last posted its earnings results on Tuesday, April 30th. The medical equipment provider reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.01). The business had revenue of $21.53 million for the quarter, compared to the consensus estimate of $21.08 million. GenMark Diagnostics had a negative return on equity of 137.04% and a negative net margin of 71.40%. As a group, research analysts predict that GenMark Diagnostics will post -0.81 earnings per share for the current fiscal year.

In other news, CEO Hany Massarany sold 7,837 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $6.83, for a total value of $53,526.71. Following the sale, the chief executive officer now directly owns 841,567 shares in the company, valued at $5,747,902.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Gleeson sold 10,000 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $8.00, for a total value of $80,000.00. Following the completion of the sale, the senior vice president now owns 363,101 shares in the company, valued at $2,904,808. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,847 shares of company stock worth $395,743. Corporate insiders own 5.24% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. FMR LLC lifted its holdings in shares of GenMark Diagnostics by 0.9% in the first quarter. FMR LLC now owns 8,470,863 shares of the medical equipment provider’s stock valued at $60,058,000 after purchasing an additional 77,571 shares in the last quarter. Casdin Capital LLC raised its holdings in GenMark Diagnostics by 9.0% during the fourth quarter. Casdin Capital LLC now owns 3,815,000 shares of the medical equipment provider’s stock worth $18,541,000 after acquiring an additional 315,000 shares in the last quarter. BlackRock Inc. raised its holdings in GenMark Diagnostics by 0.8% during the fourth quarter. BlackRock Inc. now owns 3,638,332 shares of the medical equipment provider’s stock worth $17,683,000 after acquiring an additional 28,537 shares in the last quarter. Bellevue Group AG raised its holdings in GenMark Diagnostics by 49.3% during the fourth quarter. Bellevue Group AG now owns 1,999,540 shares of the medical equipment provider’s stock worth $9,718,000 after acquiring an additional 660,038 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in GenMark Diagnostics by 21.2% during the fourth quarter. Bank of America Corp DE now owns 1,203,510 shares of the medical equipment provider’s stock worth $5,848,000 after acquiring an additional 210,171 shares in the last quarter. Institutional investors own 91.07% of the company’s stock.

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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