GenMark Diagnostics (NASDAQ:GNMK) Issues Quarterly Earnings Results

GenMark Diagnostics (NASDAQ:GNMK) released its earnings results on Monday. The medical equipment provider reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02), Morningstar.com reports. GenMark Diagnostics had a negative net margin of 71.40% and a negative return on equity of 137.04%. The company had revenue of $18.37 million during the quarter, compared to analyst estimates of $17.92 million. GenMark Diagnostics updated its FY 2019 guidance to EPS.

Shares of GenMark Diagnostics stock traded down $0.04 on Wednesday, hitting $6.61. The company had a trading volume of 16,995 shares, compared to its average volume of 442,356. The company has a market capitalization of $343.88 million, a price-to-earnings ratio of -7.15 and a beta of 1.27. GenMark Diagnostics has a twelve month low of $3.58 and a twelve month high of $8.81. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.93 and a quick ratio of 3.40. The company has a 50-day simple moving average of $6.38.

In other news, insider Hany Massarany sold 10,369 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $6.60, for a total transaction of $68,435.40. Following the completion of the sale, the insider now owns 824,951 shares of the company’s stock, valued at $5,444,676.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 35,193 shares of company stock valued at $235,548 in the last quarter. Corporate insiders own 5.24% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GNMK. BlackRock Inc. lifted its position in GenMark Diagnostics by 0.8% in the 4th quarter. BlackRock Inc. now owns 3,638,332 shares of the medical equipment provider’s stock valued at $17,683,000 after acquiring an additional 28,537 shares in the last quarter. Bank of New York Mellon Corp lifted its position in GenMark Diagnostics by 7.5% during the 4th quarter. Bank of New York Mellon Corp now owns 232,611 shares of the medical equipment provider’s stock worth $1,130,000 after buying an additional 16,279 shares in the last quarter. Northern Trust Corp lifted its position in GenMark Diagnostics by 1.4% during the 4th quarter. Northern Trust Corp now owns 690,110 shares of the medical equipment provider’s stock worth $3,355,000 after buying an additional 9,785 shares in the last quarter. Geode Capital Management LLC lifted its position in GenMark Diagnostics by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 594,807 shares of the medical equipment provider’s stock worth $2,890,000 after buying an additional 29,902 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in GenMark Diagnostics by 3.1% during the 4th quarter. Two Sigma Investments LP now owns 180,488 shares of the medical equipment provider’s stock worth $877,000 after buying an additional 5,507 shares in the last quarter. 91.06% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have weighed in on GNMK shares. Canaccord Genuity reissued a “buy” rating and issued a $10.00 target price on shares of GenMark Diagnostics in a research note on Monday, July 1st. BidaskClub lowered GenMark Diagnostics from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 23rd. Finally, Zacks Investment Research lowered GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.67.

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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Earnings History for GenMark Diagnostics (NASDAQ:GNMK)

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