Canaccord Genuity Maintains Their Buy Rating on GenMark (GNMK)

By Austin Angelo

Canaccord Genuity analyst Mark Massaro maintained a Buy rating on GenMark (GNMKResearch Report) yesterday and set a price target of $10. The company’s shares closed yesterday at $7.24.

Massaro commented:

“We are positive on the hire of the role of SVP of Sales, adding to the company’s management team. GenMark is well positioned to execute this year as the sales force now has the new “trio” of blood culture ID panels to sell. We reiterate our BUY rating and $10 price target. Q1 was a slight beat – impressive given tough Y/Y comp. Q1 revs of $21.5M (+4% Y/ Y) beat our $20.7M (flat $20.9M, which we view as solid particularly given a very difficult comp due to last year’s record influenza season. GNMK placed 39 net ePlex instruments, above our 34E. LPS of ($0.21) matched us and was in line with Street’s ($0.20). OPEX of $16.8M (+12% Y/Y) was consistent with our $16.2M. Reiterates 2019 revenue/placement guide.”

According to TipRanks.com, Massaro is a 5-star analyst with an average return of 17.9% and a 60.2% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for GenMark with a $11 average 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 369.4K.

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.