Morgan Stanley lowered its stake in shares of GenMark Diagnostics, Inc (NASDAQ:GNMK) by 10.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,591,855 shares of the medical equipment provider’s stock after selling 561,975 shares during the quarter. Morgan Stanley owned about 7.42% of GenMark Diagnostics worth $18,918,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Needham Investment Management LLC increased its position in GenMark Diagnostics by 81.6% during the first quarter. Needham Investment Management LLC now owns 1,443,400 shares of the medical equipment provider’s stock worth $5,947,000 after acquiring an additional 648,400 shares during the period. Precept Management LLC bought a new position in GenMark Diagnostics during the first quarter worth $387,000. Atom Investors LP acquired a new stake in GenMark Diagnostics during the first quarter worth $60,000. Geode Capital Management LLC boosted its stake in GenMark Diagnostics by 4.2% during the first quarter. Geode Capital Management LLC now owns 793,144 shares of the medical equipment provider’s stock worth $3,267,000 after buying an additional 31,902 shares in the last quarter. Finally, Portolan Capital Management LLC acquired a new stake in GenMark Diagnostics during the first quarter worth $3,680,000. 83.99% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Brian Andrew Mitchell sold 8,000 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $8.00, for a total value of $64,000.00. Following the completion of the sale, the senior vice president now owns 247,663 shares of the company’s stock, valued at approximately $1,981,304. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Scott Mendel sold 3,751 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $9.52, for a total value of $35,709.52. Following the completion of the sale, the chief executive officer now directly owns 447,328 shares of the company’s stock, valued at approximately $4,258,562.56. The disclosure for this sale can be found here. Insiders sold a total of 31,631 shares of company stock valued at $314,224 over the last quarter. 3.25% of the stock is owned by insiders.
GenMark Diagnostics (NASDAQ:GNMK) last issued its quarterly earnings results on Monday, May 4th. The medical equipment provider reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The business had revenue of $38.74 million for the quarter, compared to the consensus estimate of $38.70 million. GenMark Diagnostics had a negative net margin of 40.18% and a negative return on equity of 310.58%. On average, analysts forecast that GenMark Diagnostics, Inc will post -0.42 EPS for the current year.
A number of equities research analysts have weighed in on GNMK shares. Cowen lifted their price target on shares of GenMark Diagnostics from $10.00 to $15.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Zacks Investment Research downgraded shares of GenMark Diagnostics from a “buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Canaccord Genuity reiterated a “buy” rating and set a $9.00 price target on shares of GenMark Diagnostics in a research note on Wednesday, March 11th. Needham & Company LLC boosted their target price on shares of GenMark Diagnostics from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, BidaskClub upgraded shares of GenMark Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $11.10.
GenMark Diagnostics Profile
GenMark Diagnostics, Inc, a molecular diagnostics company, develops and commercializes molecular tests based on its proprietary eSensor electrochemical detection technology. It provides ePlex instrument and respiratory pathogen panel, which integrates automated nucleic acid extraction and amplification with its eSensor detection technology to enable operators using ePlex system to place patient sample directly into its test cartridge and obtain results.
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