GenMark Diagnostics, Inc. (NASDAQ:GNMK) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of GenMark Diagnostics, Inc. (NASDAQ:GNMK) from a hold rating to a sell rating in a research note released on Tuesday, November 7th.

According to Zacks, “GenMark Diagnostics, Inc. is a molecular diagnostics company focused on developing and commercializing its proprietary eSensor(R) detection technology. The eSensor® XT-8 system is the second generation in GenMark Dx’s eSensor® platform, utilizing electrochemical detection technology to detect nucleic acids on a microarray. The XT-8 System enables multiplex detection of DNA and RNA targets. The Company has developed four diagnostic tests for use with its XT-8 System. Its Cystic Fibrosis Genotyping Test, which detects pre-conception risks of cystic fibrosis, and its Warfarin Sensitivity Test, which determines an individual’s ability to metabolize the oral anticoagulant warfarin, have received FDA clearance. It has also developed a Respiratory Viral Panel Test, which detects the presence of major respiratory viruses, and a Thrombosis Risk Test, which detects an individual’s increased risk of blood clots. GenMark Diagnostics, Inc. is based in Pasadena, California. “

GNMK has been the topic of several other research reports. Bank of America Corporation assumed coverage on shares of GenMark Diagnostics in a report on Monday, September 18th. They issued a buy rating and a $13.00 target price on the stock. Needham & Company LLC reiterated a buy rating and issued a $15.00 price objective on shares of GenMark Diagnostics in a research note on Wednesday, October 4th. BTIG Research restated a buy rating and set a $13.00 target price on shares of GenMark Diagnostics in a research report on Thursday, August 31st. Canaccord Genuity restated a buy rating and issued a $14.00 target price on shares of GenMark Diagnostics in a report on Monday, October 30th. Finally, Raymond James Financial, Inc. restated a market perform rating on shares of GenMark Diagnostics in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $11.80.

GenMark Diagnostics (GNMK) traded up $0.01 during trading on Tuesday, reaching $4.65. 139,375 shares of the company’s stock were exchanged, compared to its average volume of 1,259,340. GenMark Diagnostics has a 12 month low of $3.63 and a 12 month high of $13.67. The company has a current ratio of 2.97, a quick ratio of 2.77 and a debt-to-equity ratio of 0.12.

GenMark Diagnostics (NASDAQ:GNMK) last announced its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.02). GenMark Diagnostics had a negative net margin of 116.76% and a negative return on equity of 100.33%. The firm had revenue of $11.60 million during the quarter, compared to analyst estimates of $14.56 million. During the same quarter in the previous year, the business posted ($0.27) earnings per share. GenMark Diagnostics’s revenue for the quarter was up 7.4% compared to the same quarter last year. equities analysts expect that GenMark Diagnostics will post -1.17 earnings per share for the current fiscal year.

In other news, SVP Jennifer Anne Williams sold 38,681 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $9.08, for a total transaction of $351,223.48. Following the completion of the transaction, the senior vice president now owns 155,889 shares in the company, valued at approximately $1,415,472.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael Kagnoff acquired 20,000 shares of GenMark Diagnostics stock in a transaction on Monday, November 6th. The shares were purchased at an average cost of $4.13 per share, with a total value of $82,600.00. Following the completion of the purchase, the director now directly owns 64,413 shares of the company’s stock, valued at approximately $266,025.69. The disclosure for this purchase can be found here. Insiders have sold 59,650 shares of company stock worth $471,189 over the last three months. 7.50% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its position in shares of GenMark Diagnostics by 13.6% in the second quarter. FMR LLC now owns 8,020,502 shares of the medical equipment provider’s stock worth $94,883,000 after purchasing an additional 962,822 shares in the last quarter. JPMorgan Chase & Co. raised its position in GenMark Diagnostics by 7.3% during the third quarter. JPMorgan Chase & Co. now owns 4,396,940 shares of the medical equipment provider’s stock valued at $41,288,000 after acquiring an additional 299,173 shares in the last quarter. Jennison Associates LLC raised its position in GenMark Diagnostics by 0.7% during the third quarter. Jennison Associates LLC now owns 3,567,001 shares of the medical equipment provider’s stock valued at $34,350,000 after acquiring an additional 25,254 shares in the last quarter. HighTower Advisors LLC raised its position in GenMark Diagnostics by 12.7% during the second quarter. HighTower Advisors LLC now owns 2,360,984 shares of the medical equipment provider’s stock valued at $27,930,000 after acquiring an additional 266,969 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its position in GenMark Diagnostics by 25.2% during the second quarter. Artisan Partners Limited Partnership now owns 2,252,831 shares of the medical equipment provider’s stock valued at $26,651,000 after acquiring an additional 453,329 shares in the last quarter.

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About GenMark Diagnostics

GenMark Diagnostics, Inc is a molecular diagnostics company. The Company is focused on developing and commercializing multiplex molecular tests that aid in the diagnosis of complex medical conditions. It develops and commercializes multiplex molecular tests based on its eSensor electrochemical detection technology.

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