Better Times Ahead For GenMark Diagnostics Inc. (NASDAQ: GNMK)?


    Fidelity Management & Research Co.. has recently announced that it has increased stake in GenMark Diagnostics Inc. (NASDAQ:GNMK) by 16.57%. After grabbing 9.53 million shares, the institutional investor is now in possession of 1.35 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 13.41% having worth around $170.21 million. Moreover, Consonance Capital Management LP increased its share by 6.89 million to have a control over 6.89 million shares. And Redmile Group LLC raised its holdings to 4.9 million shares by acquiring 4.9 million shares or 6.90% of the stake.

    GenMark Diagnostics Inc. (GNMK) concluded trading on 08/27/20 at a closing price of $13.12, with 6.32 million shares of worth about $82.88 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -17.07% during that period and on Thursday the price saw a loss of about -12.77%. Currently the company’s common shares owned by public are about 66.53M shares, out of which, 55.28M shares are available for trading.

    A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 7 analysts are covering the GNMK stock and their offered price forecasts bring an average price target of $21.40. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $23.00 and could fall to a lowest price of $19.00. Analysts also issued an outlook of 1.90 for the GenMark Diagnostics Inc. stock for next 12 months. The stock’s current price level is 38.69% above of average price target set by the analysts, while a rise to estimated low would result in gain of 30.95 for the stock. However, touching the estimated high of $23.00 would mean a gain of 42.96% for the stock.

    According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 144 times over the past 12 months. They bought 1,181,795 shares in 37 of the transactions. In 107 selling transactions, insiders dumped 584,850 shares.

    Fidelity Select Port. – Health Ca, Fidelity Select Medical Technolog, and Vanguard Total Stock Market Index are the top 3 mutual funds which are holding stakes in GenMark Diagnostics Inc. Fidelity Select Port. – Health Ca is currently holding 2.8 million shares of worth totaling $50.01 million. The company recently came buying 0.12 million shares which brought its stake up to 3.94% of the company’s outstanding shares. Fidelity Select Medical Technolog bought 0.12 million shares, after which its hold over company’s outstanding shares expand to 3.92%, leaving 2.79 million shares with the mutual fund that have a worth of about $49.76 million. Vanguard Total Stock Market Index, after buying 1.84 million shares, have now control over 2.59% of the stake in the company. It holds 603.0 shares of worth $32.85 million.

    GenMark Diagnostics Inc. (NASDAQ: GNMK) started trading at $13.104, below -$1.94 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $13.12, or with a loss of -12.77%. Stock saw a price change of -17.07% in past 5 days and over the past one month there was a price change of -23.23%. Year-to-date (YTD), GNMK shares are showing a performance of 172.77% which increased to 117.58% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $3.36 but also hit the highest price of $20.88 during that period. While comparing its average daily trading volume of 1.73 million shares, we see that about 6.32 million changed hands on the day. The stock is currently trading -19.38% below its 20-day simple moving average (SMA20), while that difference is down -18.62% for SMA50 and it goes to 46.60% higher than SMA200.

    Fidelity Management & Research Co.. acquired 9.53 million shares of GenMark Diagnostics Inc. having value of about $170.21 million. Data submitted at the U.S SEC by Fidelity Management & Research Co.. revealed that the firm now holds 1.35 million shares in the company valued at close to $17776064.96, or have control over 16.57% stake in the company. GenMark Diagnostics Inc. (NASDAQ: GNMK) currently have 66.53M outstanding shares and institutions hold larger chunk of about 97.70% of that. Holding of mutual funds in the company is about 36.01% while other institutional holders and individual stake holders have control over 60.55% and 10.41% of the stake respectively.

    The stock has a current market capitalization of $963.53M and its 3Y-monthly beta is at 3.29. It has posted earnings per share of -$0.56 in the same period. It has Quick Ratio of 5.20 while making debt-to-equity ratio of 0.78. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GNMK, volatility over the week remained 7.85% while standing at 7.70% over the month.

    Analysts are in expectations that GenMark Diagnostics Inc. (GNMK) stock would likely to be making an EPS of -$0.07 in the current quarter, while forecast for next quarter ESPS is -$0.01 and it is -$0.12 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.09 which is -$0.06 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.2 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 9.40% while it is estimated to increase by 55.60% in next year.

    Analysts at 7 brokerage firms have issued recommendations for the GenMark Diagnostics Inc. (GNMK)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.90. Out of those 7 Wall Street analysts, 5 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

    Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Needham on August 05, 2020 offering a Buy rating for the stock and assigned a target price range of between $19 and $22 to it. Coverage by Needham stated GenMark Diagnostics Inc. (GNMK) stock as a Buy in their note to investors on July 08, 2020, suggesting a price target of $19 for the stock. On May 05, 2020, Needham Reiterated their recommendations, while on February 11, 2020, Raymond James Downgrade their ratings for the stock with a price target of. Stock get a Neutral rating from JP Morgan on December 11, 2019.


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