.jpg "GenMark (NASDAQ: GNMK)")
Needham analyst Michael Matson reiterated a Buy rating on GenMark (NASDAQ: GNMK) today and set a price target of $11. The company’s shares closed yesterday at $5.22.
Matson commented:
“GNMK’s 3Q18 revenue beat consensus while its EPS met consensus. Management reiterated its 2018 revenue guidance, narrowed its ePlex placement guidance, and lowered its gross margin guidance. GNMK placed 45 ePlex systems in 3Q18, up from 39 in 2Q18 and above our estimate of 42. We believe the 3Q18 results provide further evidence that the ePlex launch is gaining momentum while GNMK works out its manufacturing growing pains. Management sees only 5% of its revenue at risk from the recent Palmetto coverage decision denying coverage of outpatient use of high multiplex molecular tests. We expect increased utilization of a growing ePlex installed base to drive strong revenue growth and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 10.8% and a 57.4% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Currently, the analyst consensus on GenMark is a Moderate Buy with an average price target of $10.50.
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Based on GenMark’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $16.52 million. In comparison, last year the company had a GAAP net loss of $15.41 million.
Based on the recent corporate insider activity of 105 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.
