GenMark Diagnostics, Inc. (GNMK) Shares Down 9.5% After Earnings Miss

GenMark Diagnostics, Inc. (NASDAQ:GNMK) shares traded down 9.5% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.45 and last traded at $10.71, with a volume of 3,158,657 shares trading hands. The stock had previously closed at $11.83.

The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.32) by $0.05. GenMark Diagnostics had a negative net margin of 111.96% and a negative return on equity of 109.89%. The firm had revenue of $12.36 million for the quarter, compared to the consensus estimate of $12.44 million. During the same quarter last year, the company earned ($0.30) earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis.

GNMK has been the subject of several research reports. BidaskClub cut shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 target price (up previously from $15.00) on shares of GenMark Diagnostics in a research note on Wednesday, May 3rd. ValuEngine upgraded shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company reissued an “outperform” rating and issued a $17.00 price target on shares of GenMark Diagnostics in a research report on Wednesday, August 2nd. Finally, BTIG Research reissued a “buy” rating and issued a $17.00 price target on shares of GenMark Diagnostics in a research report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. GenMark Diagnostics currently has an average rating of “Hold” and an average price target of $15.80.

Several hedge funds have recently bought and sold shares of GNMK. BlueCrest Capital Management Ltd purchased a new stake in GenMark Diagnostics during the second quarter valued at $126,000. Guggenheim Capital LLC raised its stake in GenMark Diagnostics by 0.4% in the fourth quarter. Guggenheim Capital LLC now owns 10,694 shares of the medical equipment provider’s stock valued at $131,000 after buying an additional 39 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in GenMark Diagnostics during the first quarter valued at $142,000. Legal & General Group Plc raised its stake in GenMark Diagnostics by 2.1% in the second quarter. Legal & General Group Plc now owns 11,521 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 240 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in GenMark Diagnostics during the second quarter valued at $137,000. 93.07% of the stock is owned by institutional investors.

The firm has a 50 day moving average of $11.19 and a 200-day moving average of $12.12. The stock’s market capitalization is $524.80 million.

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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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