GenMark Diagnostics (NASDAQ:GNMK) Downgraded to “Sell” at BidaskClub

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

A number of other research analysts also recently weighed in on GNMK. Zacks Investment Research raised shares of GenMark Diagnostics from a sell rating to a hold rating in a research report on Tuesday, May 21st. Canaccord Genuity reissued a buy rating and set a $10.00 target price on shares of GenMark Diagnostics in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. GenMark Diagnostics presently has an average rating of Hold and an average price target of $9.67.

NASDAQ:GNMK opened at $6.36 on Monday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.40 and a current ratio of 3.93. The stock has a market cap of $354.72 million, a price-to-earnings ratio of -6.99 and a beta of 1.48. GenMark Diagnostics has a 52 week low of $3.58 and a 52 week high of $8.81. The company has a 50-day moving average price of $6.82.

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

In related news, insider Hany Massarany sold 10,369 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $6.60, for a total value of $68,435.40. Following the completion of the transaction, the insider now directly owns 824,951 shares of the company’s stock, valued at approximately $5,444,676.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Gleeson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $8.00, for a total transaction of $80,000.00. Following the completion of the transaction, the senior vice president now directly owns 363,101 shares of the company’s stock, valued at $2,904,808. The disclosure for this sale can be found here. Insiders have sold a total of 55,847 shares of company stock valued at $395,743 over the last three months. Insiders own 5.24% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in GenMark Diagnostics by 48.6% in the 4th quarter. Legal & General Group Plc now owns 11,308 shares of the medical equipment provider’s stock worth $55,000 after buying an additional 3,700 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in GenMark Diagnostics by 56,694.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,791 shares of the medical equipment provider’s stock worth $77,000 after buying an additional 10,772 shares during the period. Paloma Partners Management Co bought a new position in GenMark Diagnostics in the 4th quarter worth approximately $80,000. Campbell & CO Investment Adviser LLC bought a new position in GenMark Diagnostics in the 4th quarter worth approximately $84,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in GenMark Diagnostics by 365.1% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 18,530 shares of the medical equipment provider’s stock worth $90,000 after buying an additional 14,546 shares during the period. 91.07% of the stock is owned by institutional investors.

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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