Analysts Expect GenMark Diagnostics, Inc (NASDAQ:GNMK) Will Post Quarterly Sales of $26.55 Million

Brokerages forecast that GenMark Diagnostics, Inc (NASDAQ:GNMK) will announce $26.55 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for GenMark Diagnostics’ earnings. The highest sales estimate is $27.00 million and the lowest is $25.60 million. GenMark Diagnostics reported sales of $21.53 million during the same quarter last year, which indicates a positive year over year growth rate of 23.3%. The firm is expected to announce its next earnings report on Tuesday, May 5th.

According to Zacks, analysts expect that GenMark Diagnostics will report full year sales of $105.38 million for the current financial year, with estimates ranging from $105.00 million to $105.75 million. For the next financial year, analysts forecast that the business will post sales of $128.48 million, with estimates ranging from $125.20 million to $131.91 million. Zacks’ sales calculations are an average based on a survey of research firms that follow GenMark Diagnostics.

GenMark Diagnostics (NASDAQ:GNMK) last announced its quarterly earnings results on Monday, March 2nd. The medical equipment provider reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $27.20 million during the quarter, compared to the consensus estimate of $27.13 million. GenMark Diagnostics had a negative return on equity of 315.97% and a negative net margin of 53.79%.

Several brokerages have weighed in on GNMK. Canaccord Genuity reaffirmed a “buy” rating and set a $9.00 target price on shares of GenMark Diagnostics in a research note on Wednesday, March 11th. Raymond James downgraded GenMark Diagnostics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 11th. ValuEngine raised GenMark Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. downgraded GenMark Diagnostics from an “overweight” rating to a “neutral” rating and cut their target price for the company from $11.00 to $7.00 in a research note on Wednesday, December 11th. Finally, BidaskClub raised GenMark Diagnostics from a “strong sell” rating to a “sell” rating in a research note on Friday, March 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $8.00.

Shares of NASDAQ GNMK traded down $0.08 during mid-day trading on Tuesday, hitting $4.50. The company had a trading volume of 2,054,397 shares, compared to its average volume of 1,777,987. The stock has a market cap of $276.25 million, a price-to-earnings ratio of -5.56 and a beta of 0.95. GenMark Diagnostics has a 12 month low of $3.36 and a 12 month high of $8.17. The company has a debt-to-equity ratio of 6.16, a current ratio of 3.43 and a quick ratio of 2.96. The firm’s 50 day simple moving average is $4.38 and its two-hundred day simple moving average is $5.16.

In other news, CEO Hany Massarany sold 28,920 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $4.90, for a total value of $141,708.00. Following the sale, the chief executive officer now owns 851,094 shares of the company’s stock, valued at approximately $4,170,360.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin C. Oboyle acquired 10,800 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was purchased at an average cost of $4.62 per share, for a total transaction of $49,896.00. Insiders sold a total of 95,450 shares of company stock worth $416,221 in the last three months. Company insiders own 5.24% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of Montreal Can grew its holdings in shares of GenMark Diagnostics by 29.5% in the 4th quarter. Bank of Montreal Can now owns 10,239 shares of the medical equipment provider’s stock worth $49,000 after acquiring an additional 2,333 shares during the last quarter. Amalgamated Bank acquired a new position in shares of GenMark Diagnostics in the 4th quarter worth $50,000. Citigroup Inc. grew its holdings in shares of GenMark Diagnostics by 84.5% in the 4th quarter. Citigroup Inc. now owns 13,308 shares of the medical equipment provider’s stock worth $64,000 after acquiring an additional 6,094 shares during the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of GenMark Diagnostics by 15.9% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 18,942 shares of the medical equipment provider’s stock worth $115,000 after acquiring an additional 2,602 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of GenMark Diagnostics by 19.6% in the 4th quarter. Stifel Financial Corp now owns 25,793 shares of the medical equipment provider’s stock worth $126,000 after acquiring an additional 4,224 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

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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