HTG Molecular Diagnostics (HTGM) Gets a Buy Rating from Canaccord Genuity

By Ryan Adsit

In a report released yesterday, Mark Massaro from Canaccord Genuity maintained a Buy rating on HTG Molecular Diagnostics (HTGMResearch Report), with a price target of $3. The company’s shares closed yesterday at $1.10, close to its 52-week low of $1.04.

Massaro wrote:

“We were pleased to host newer HTG CEO John Lubniewski and CFO Conference last week in Boston. Our key takeaways: (1) HTG is making a bigger push to develop and launch novel diagnostic test launches in breast and lung cancer; (2) HTG is not getting any credit in its stock price for strong 80%+ Y/Y growth in its base RUO profiling business; and (3) HTG has taken adverse “lumps” because they haven’t converted a CDx yet (yet they have over 70 active global pharma programs). We reiterate our BUY rating and trim our PT to $3, which we would be inclined to raise should HTG “hit” on one of its pharma collaborations. EdgeSeq Breast Total Lung.”

According to TipRanks.com, Massaro is a top 100 analyst with an average return of 21.4% and a 64.0% success rate. Massaro covers the Healthcare sector, focusing on stocks such as Meridian Bioscience Inc, Quanterix Corporation, and Orasure Technologies.

HTG Molecular Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $3.50, implying a 218.2% upside from current levels. In a report issued on August 7, H.C. Wainwright also reiterated a Buy rating on the stock with a $4 price target.

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Based on HTG Molecular Diagnostics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.8 million. In comparison, last year the company had a GAAP net loss of $4.1 million.

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HTG Molecular Diagnostics, Inc. engages in the provision of molecular technology solutions that facilitates molecular profiling. Its customers include biopharmaceutical companies, academic research centers, and molecular testing laboratories. The company was founded by Bruce E. Seligmann in October 1997 and is headquartered in Tucson, AZ.