Canaccord Genuity analyst Mark Massaro maintained a Buy rating on GenMark (GNMK) yesterday and set a price target of $10. The company’s shares closed yesterday at $6.82.
Massaro observed:
“We believe that a multi-billion-dollar market opportunity awaits GNMK. We reiterate our BUY rating and raise our PT to $10 from $9. Solid 2019 revenue/placement guide. GNMK initiated a solid 2019 revenue guide of $85-90M, above consensus’ $86.2M and above our $80.5M. GNMK guided net ePlex placements of 170-190, above our 145E, and ePlex annuity/analyzer of $135-145k. Q4 revenue beat. Q4 revs of $19.4M (+21% Y/Y) beat our $18.6M (+16%) and Street’s $19.2M, and placed 42 net ePlex instruments, above our 39E. LPS was ($0.21) compared to our ($0.19)/Street’s ($0.17), as the shortfall resulted from the gross margin shortfall (see below) relative to our/Street expectations. OPEX of $15.9M (-15% Y/Y) were in line with our $16.0ME (due to lower ePlex R&D spend).”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 16.6% and a 58.7% success rate. Massaro covers the Healthcare sector, focusing on stocks such as Meridian Bioscience Inc, Quanterix Corporation, and Orasure Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for GenMark with a $9 average price target.
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The company has a one-year high of $8.81 and a one-year low of $3.58. Currently, GenMark has an average volume of 390.7K.
Based on the recent corporate insider activity of 102 insiders, corporate insider sentiment is negative on the stock.
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GenMark Diagnostics, Inc. is a molecular diagnostics company, which engages in the development and commercialization of proprietary eSensor electrochemical detection technology. It also manufactures, sells, and supports instruments and molecular tests. The company was founded by Jon Faiz Kayyem on February 12, 2010 and is headquartered in Carlsbad, CA.
