Canaccord Genuity Thinks HTG Molecular Diagnostics’ Stock is Going to Recover


In a report released today, Mark Massaro from Canaccord Genuity maintained a Buy rating on HTG Molecular Diagnostics (HTGM), with a price target of $5. The company’s shares opened today at $2.38, close to its 52-week low of $2.03.

Massaro noted:

“We applaud this move and the recent hires of Dr. Beggrow (see below). In addition to a bigger shift to breast cancer, HTG plans to enter the auto-immune market later this year. We aren’t surprised that HTG’s stock is down today (Q4 miss, light Q1 guide, and light 2019 guide), but we are positive on the company’s recent moves. Meanwhile, we will learn within the next ~2 quarters the fate of its PDP2 and PDP3 programs, which likely will determine whether HTG hits the high or low end of its 2019 guide this year. We trim our estimates, lower our PT to $5, and reiterate our BUY.”

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, Quanterix Corporation, and Orasure Technologies.

HTG Molecular Diagnostics has an analyst consensus of Strong Buy, with a price target consensus of $6.33, representing a 166.0% upside. In a report issued on February 22, H.C. Wainwright also reiterated a Buy rating on the stock with a $8 price target.

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The company has a one-year high of $5.83 and a one-year low of $2.03. Currently, HTG Molecular Diagnostics has an average volume of 338.4K.

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HTG Molecular Diagnostics, Inc. engages in the provision of molecular technology solutions that facilitates molecular profiling. Its customers include biopharmaceutical companies, academic research centers, and molecular testing laboratories. The company was founded by Bruce E. Seligmann in October 1997 and is headquartered in Tucson, AZ.

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