GenMark Diagnostics, Inc. (GNMK) Rating Lowered to Sell at BidaskClub

GenMark Diagnostics, Inc. (NASDAQ:GNMK) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Monday.

A number of other brokerages have also recently commented on GNMK. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of GenMark Diagnostics in a research report on Monday, August 7th. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of GenMark Diagnostics in a research report on Wednesday, May 3rd. BTIG Research reiterated a “buy” rating and issued a $17.00 target price on shares of GenMark Diagnostics in a research report on Wednesday, May 17th. Zacks Investment Research cut shares of GenMark Diagnostics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. Finally, ValuEngine upgraded shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. GenMark Diagnostics has a consensus rating of “Hold” and a consensus target price of $15.80.

Shares of GenMark Diagnostics (NASDAQ GNMK) opened at 9.99 on Monday. GenMark Diagnostics has a 12-month low of $8.03 and a 12-month high of $13.67. The stock has a 50 day moving average of $11.41 and a 200-day moving average of $12.17. The company’s market capitalization is $546.12 million.

GenMark Diagnostics (NASDAQ:GNMK) last issued its earnings results on Tuesday, August 1st. The medical equipment provider reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.32) by $0.05. The business had revenue of $12.36 million during the quarter, compared to analyst estimates of $12.44 million. GenMark Diagnostics had a negative net margin of 111.96% and a negative return on equity of 109.89%. GenMark Diagnostics’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.30) earnings per share. Equities research analysts forecast that GenMark Diagnostics will post ($1.07) EPS for the current year.

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In related news, insider Hany Massarany sold 8,239 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $12.89, for a total transaction of $106,200.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Scott Mendel sold 2,135 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $12.89, for a total transaction of $27,520.15. Following the sale, the chief financial officer now owns 143,079 shares of the company’s stock, valued at $1,844,288.31. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,499 shares of company stock valued at $202,513. 7.50% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the company. Bellevue Group AG purchased a new stake in GenMark Diagnostics during the first quarter valued at about $4,008,000. Metropolitan Life Insurance Co. NY boosted its stake in GenMark Diagnostics by 10.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 29,013 shares of the medical equipment provider’s stock valued at $355,000 after buying an additional 2,689 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in GenMark Diagnostics during the first quarter valued at about $435,000. MARSHALL WACE ASIA Ltd purchased a new stake in GenMark Diagnostics during the first quarter valued at about $375,000. Finally, Nationwide Fund Advisors boosted its stake in GenMark Diagnostics by 3.9% in the first quarter. Nationwide Fund Advisors now owns 25,936 shares of the medical equipment provider’s stock valued at $332,000 after buying an additional 981 shares during the last quarter. Hedge funds and other institutional investors own 93.07% of the company’s stock.

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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