Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Quanterix Corporation (QTRX) today and set a price target of $29. The company’s shares closed yesterday at $23.82, close to its 52-week high of $25.44.
Massaro noted:
“We continue to believe investors should own QTRX as it targets growth across four phases: (1) expansion within life sciences research, and likely expansion to (2) companion diagnostics; (3) point-of-care in vitro diagnostics, and, longer term, (4) precision health and wellness screening. We reiterate our BUY rating and raise our PT to $29 (from $27). Q4 beat. Q4 revs of $10.9M (+65% Y/Y) beat our $8.7M (+32%)/ Street’s $9.2M, helped by a robust quarter of HD-1 and SR-X instrument placements (all sold as capital). Product revs of $7.5M (+83% Y/Y) beat our $5.5M, while service revs of $3.4M (+52% Y/Y) beat our $3.2M. QTRX beat us on consumables (+67% Y/Y beat our +63%), instruments (+106% Y/Y crushed our -4%), and services (+58% beat our +28%). Y/Y) beat our 46%E.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 15.7% and a 57.0% success rate. Massaro covers the Healthcare sector, focusing on stocks such as Meridian Bioscience Inc, Orasure Technologies, and Chembio Diagnostics.
Quanterix Corporation has an analyst consensus of Moderate Buy, with a price target consensus of $29.
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The company has a one-year high of $25.44 and a one-year low of $13.00. Currently, Quanterix Corporation has an average volume of 77.95K.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is neutral on the stock.
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Quanterix Corp. is a life sciences company, which develops ultra-sensitive digital immunoassay platform that advances precision health for life sciences research and diagnostics. Its Single Molecule Array (Simoa) technology platform uses single molecule measurements to access previously undetectable proteins.
