Needham Reaffirms Their Buy Rating on GenMark (GNMK)


In a report released today, Michael Matson from Needham reiterated a Buy rating on GenMark (GNMK), with a price target of $12. The company’s shares opened today at $7.51.

Matson noted:

“GNMK’s 1Q19 revenue beat consensus while EPS just missed consensus. Management reiterated its 2019 revenue, ePlex placement, and gross margin guidance. GNMK placed 39 ePlex systems in 1Q19, down from 42 in 4Q18 but above our estimate of 32. We believe the 1Q19 results provide further evidence that ePlex is gaining momentum and that GNMK is driving improved ePlex gross margins. We think an expanding test menu should help drive ePlex placements and utilization 2019 and we reiterate our Buy rating.”

According to TipRanks.com, Matson is a 5-star analyst with an average return of 10.4% and a 62.7% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for GenMark with a $11 average price target, a 46.5% upside from current levels. In a report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $10 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 370.7K.

Based on the recent corporate insider activity of 94 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 provision of multiplex molecular diagnostic solutions. Its products include ePlex and XT-8. The company was founded by Jon Faiz Kayyemin 1993 and is headquartered in Carlsbad, CA.

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