In a report released today, Michael Matson from Needham reiterated a Buy rating on GenMark (NASDAQ: GNMK), with a price target of $11. The company’s shares closed yesterday at $6.24.
Matson observed:
“GNMK’s 1Q18 revenue and EPS beat consensus. Management reiterated its 2018 revenue and ePlex placement guidance. GNMK placed 32 ePlex systems in 1Q18. An intense flu season and increased utilization drove consumables revenue growth. Strong customer demand negatively impacted GNMK’s gross margin, however. The ePlex launch seems to be gaining momentum and we continue to expect increased utilization of a growing ePlex installed base to continue to drive strong revenue growth (and eventually, improved gross margins). We reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 8.8% and a 60.6% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
GenMark has an analyst consensus of Strong Buy, with a price target consensus of $9.
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Based on GenMark’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $20.65 million and GAAP net loss of $11.42 million. In comparison, last year the company earned revenue of $12.54 million and had a GAAP net loss of $13.92 million.
Based on the recent corporate insider activity of 100 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.
