Alamar Biosciences (NASDAQ:ALMR) Price Target Raised to $36.00

Alamar Biosciences (NASDAQ:ALMR) had its price target raised by TD Cowen from $34.00 to $36.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

ALMR has been the topic of several other research reports. JPMorgan Chase & Co. boosted 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. Stifel Nicolaus raised their price objective on Alamar Biosciences from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings cut Alamar Biosciences from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Alamar Biosciences presently has a consensus rating of “Hold” and a consensus target price of $33.00.

Alamar Biosciences Price Performance

Shares of NASDAQ ALMR traded up $1.14 during mid-day trading on Wednesday, reaching $28.05. The company’s stock had a trading volume of 536,161 shares, compared to its average volume of 845,822. The company has a market cap of $1.95 billion and a price-to-earnings ratio of -14.31. 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’s fifty day simple moving average is $30.14. Alamar Biosciences has a 52 week low of $18.84 and a 52 week high of $39.61.

Alamar Biosciences (NASDAQ:ALMR) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.03. The business had revenue of $33.55 million during the quarter. Analysts anticipate that Alamar Biosciences will post -1.29 EPS for the current fiscal year.

Insider Activity at Alamar Biosciences

In related news, major shareholder Corporate Gp Vi Ltd. Qiming sold 208,815 shares of the stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $30.31, for a total transaction of $6,329,182.65. Following the sale, the insider owned 174,677 shares in the company, valued at approximately $5,294,459.87. This represents a 54.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 1,498,949 shares of company stock valued at $44,562,077.

Institutional Investors Weigh In On Alamar Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in ALMR. Braidwell LP bought a new stake in shares of Alamar Biosciences in the 2nd quarter worth about $29,365,000. Wellington Management Group LLP purchased a new stake in Alamar Biosciences in the 2nd quarter worth about $12,407,000. State Street Corp purchased a new stake in Alamar Biosciences in the 2nd quarter worth about $3,930,000. Sumitomo Mitsui Trust Group Inc. raised its position 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 worth $2,280,000 after purchasing an additional 10,461 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in Alamar Biosciences in the second quarter worth about $283,000.

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.