Alamar Biosciences (NASDAQ:ALMR) Issues Quarterly Earnings Results

Alamar Biosciences (NASDAQ:ALMR) released its quarterly earnings results on Tuesday. The company reported ($0.19) EPS for the quarter, FiscalAI reports. The business had revenue of $33.55 million during the quarter.

Alamar Biosciences Trading Up 4.4%

Shares of Alamar Biosciences stock traded up $1.28 during trading hours on Tuesday, hitting $30.22. 672,199 shares of the company were exchanged, compared to its average volume of 422,292. The company has a quick ratio of 10.23, a current ratio of 11.85 and a debt-to-equity ratio of 0.03. The firm has a 50-day simple moving average of $30.54. Alamar Biosciences has a 1 year low of $18.84 and a 1 year high of $39.61. The firm has a market capitalization of $2.10 billion and a PE ratio of -15.42.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALMR. Stifel Nicolaus raised their target price on shares of Alamar Biosciences from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Weiss Ratings downgraded shares of Alamar Biosciences from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. JPMorgan Chase & Co. increased their price target on shares of Alamar Biosciences from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 11th. Finally, TD Cowen reissued a “buy” rating on shares of Alamar Biosciences in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.80.

Insiders Place Their Bets

In other Alamar Biosciences news, major shareholder Corporate Gp Vi Ltd. Qiming sold 208,815 shares of the business’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $30.31, for a total value of $6,329,182.65. Following the transaction, the insider directly owned 174,677 shares of the company’s stock, valued at approximately $5,294,459.87. The trade was a 54.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 1,200,000 shares of company stock valued at $35,558,272.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. purchased a new position in Alamar Biosciences during the third quarter worth about $196,000. Squarepoint Ops LLC purchased a new stake in Alamar Biosciences in the 2nd quarter valued at approximately $283,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Alamar Biosciences by 18.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 66,913 shares of the company’s stock valued at $2,280,000 after purchasing an additional 10,461 shares in the last quarter. State Street Corp purchased a new stake in Alamar Biosciences in the 2nd quarter valued at approximately $3,930,000. Finally, Wellington Management Group LLP acquired a new position in Alamar Biosciences during the 2nd quarter worth approximately $12,407,000.

About Alamar Biosciences

Alamar Biosciences, Inc (NASDAQ: ALMR) is a life sciences company focused on advancing proteomics and enabling earlier detection, diagnosis and monitoring of disease. The company develops technologies designed to measure very low levels of proteins in biological samples, supporting research in areas such as oncology, neurology, immunology and other complex diseases.

Its primary technology is the NULISA platform, a highly sensitive, multiplexed immunoassay system that combines affinity-based protein detection with digital counting.