Needham Investment Management LLC grew its stake in shares of GenMark Diagnostics, Inc (NASDAQ:GNMK) by 27.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,000 shares of the medical equipment provider’s stock after buying an additional 50,000 shares during the period. Needham Investment Management LLC owned 0.41% of GenMark Diagnostics worth $1,467,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of GNMK. Thrivent Financial for Lutherans increased its position in shares of GenMark Diagnostics by 1.3% in the first quarter. Thrivent Financial for Lutherans now owns 596,762 shares of the medical equipment provider’s stock worth $3,246,000 after purchasing an additional 7,792 shares during the last quarter. Bellevue Group AG increased its position in shares of GenMark Diagnostics by 53.4% in the first quarter. Bellevue Group AG now owns 1,186,502 shares of the medical equipment provider’s stock worth $6,455,000 after purchasing an additional 412,825 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of GenMark Diagnostics by 2.8% in the first quarter. JPMorgan Chase & Co. now owns 4,904,257 shares of the medical equipment provider’s stock worth $26,679,000 after purchasing an additional 131,504 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in shares of GenMark Diagnostics in the first quarter worth approximately $143,000. Finally, A.R.T. Advisors LLC increased its position in shares of GenMark Diagnostics by 159.4% in the first quarter. A.R.T. Advisors LLC now owns 130,214 shares of the medical equipment provider’s stock worth $708,000 after purchasing an additional 80,024 shares during the last quarter. Institutional investors own 99.47% of the company’s stock.
Several research analysts recently weighed in on the stock. BidaskClub upgraded shares of GenMark Diagnostics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 1st. ValuEngine raised GenMark Diagnostics from a “strong sell” rating to a “sell” rating in a research note on Friday, August 10th. Zacks Investment Research lowered GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 18th. Canaccord Genuity upped their target price on GenMark Diagnostics from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, June 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of GenMark Diagnostics in a research note on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. GenMark Diagnostics has an average rating of “Buy” and a consensus target price of $11.00.
In other news, CEO Hany Massarany sold 6,203 shares of the stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $7.16, for a total transaction of $44,413.48. Following the completion of the sale, the chief executive officer now owns 682,491 shares of the company’s stock, valued at $4,886,635.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 20,230 shares of company stock valued at $147,242. Insiders own 7.50% of the company’s stock.
Shares of GNMK opened at $8.20 on Thursday. The company has a market capitalization of $477.25 million, a price-to-earnings ratio of -6.78 and a beta of 0.90. The company has a quick ratio of 1.80, a current ratio of 2.04 and a debt-to-equity ratio of 0.19. GenMark Diagnostics, Inc has a 1 year low of $3.63 and a 1 year high of $9.95.
GenMark Diagnostics (NASDAQ:GNMK) last issued its earnings results on Monday, July 30th. The medical equipment provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.09). The firm had revenue of $14.94 million during the quarter, compared to analysts’ expectations of $14.74 million. GenMark Diagnostics had a negative return on equity of 87.96% and a negative net margin of 91.58%. sell-side analysts anticipate that GenMark Diagnostics, Inc will post -0.85 earnings per share for the current fiscal year.
GenMark Diagnostics Company Profile
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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