Fidelity Management & Research Co. recently announced the acquisition of new stake in GenMark Diagnostics Inc. (NASDAQ:GNMK). The institutional investor has increased its shareholding in the Healthcare company by 16.57% to 9.53 million shares with purchase of 1.35 million shares. This fresh investment now brings its stake to 13.41% valued currently at $170.21 million. In addition, Consonance Capital Management LP raised its holdings by 6.89 million to 6.89 million shares.
With over 1.45 million GenMark Diagnostics Inc. (GNMK) shares trading Monday and a closing price of $14.46 on the day, the dollar volume was approximately $20.93 million. The shares have shown a negative weekly performance of -8.77% and its price on 08/24/20 lost nearly -5.55%. Currently, there are 66.53M common shares owned by the public and among those 55.28M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for GNMK have a consensus price objective of $21.40. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $19.00 should the stock experience a downside. Incidentally, analysts’ outlook for the GenMark Diagnostics Inc. stock is 1.90 for the next 12 months. The average price target is 32.43% above its last price level and an upside to the estimated low will see the stock gain 23.89% over that period. But an upside of 37.13% will see the stock hit the forecast high price target while mean target price for the stock is $22.00.
Insiders at the company have transacted a total of 142 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 1,181,795 shares. Insider sales of the common stock occurred on 105 occasions, with total insider shares sold totaling 600,589 shares.
The top 3 mutual fund holders in GenMark Diagnostics Inc. are Fidelity Select Port. – Health Ca, Fidelity Select Medical Technolog, and Vanguard Total Stock Market Index. Fidelity Select Port. – Health Ca owns 2.8 million shares of the company’s stock, all valued at over $50.01 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 3.94% of the shares outstanding. Fidelity Select Medical Technolog bought 0.12 million shares to see its total holdings expand to 2.79 million shares valued at over $49.76 million and representing 3.92% of the shares outstanding. Vanguard Total Stock Market Index bought 603.0 shares to bring its total holdings to over 1.84 million shares at a value of $32.85 million. Vanguard Total Stock Market Index now owns shares totaling to 2.59% of the shares outstanding.
Shares of GenMark Diagnostics Inc. (NASDAQ: GNMK) opened at $15.40, up $0.09 from a prior closing price of $15.31. However, the script later closed the day at $14.46, down -5.55%. The company’s stock has a 5-day price change of -8.77% and 51.10% over the past three months. GNMK shares are trading 200.62% year to date (YTD), with the 12-month market performance up to 136.66% higher. It has a 12-month low price of $3.36 and touched a high of $20.88 over the same period. Currently, 1.45 million shares have been traded, compared to an average intraday trading volume of 1.75 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -13.00%, -9.18%, and 64.10% respectively.
Institutional ownership of GenMark Diagnostics Inc. (NASDAQ: GNMK) shares accounts for 97.70% of the company’s 66.53M shares outstanding. Mutual fund holders own 36.01%, while other institutional holders and individual stakeholders account for 60.55% and 10.49% respectively.
It has a market capitalization of $1.06B and a beta (3y monthly) value of 3.29. The earnings-per-share (ttm) stands at -$0.56. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.15% over the week and 7.05% over the month.
Analysts forecast that GenMark Diagnostics Inc. (GNMK) will achieve an EPS of -$0.07 for the current quarter, -$0.01 for the next quarter and -$0.12 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.09 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.2 a year ago. Earnings per share for the fiscal year are expected to increase by 9.40%, and 55.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate GenMark Diagnostics Inc. (GNMK) as a “Strong Buy” at a consensus score of 1.90. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 2 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GNMK, a number of firms have released research notes about the stock. Needham stated their Buy rating for the stock in a research note on August 05, 2020, with the firm’s price target at $19-$22. Needham coverage for the GenMark Diagnostics Inc. (GNMK) stock in a research note released on July 08, 2020 offered a Buy rating with a price target of $19. Needham was of a view on May 05, 2020 that the stock is Buy, while Raymond James gave the stock Mkt Perform rating on February 11, 2020, issuing a price target of. JP Morgan on their part issued Neutral rating on December 11, 2019.