HTG Molecular Diagnostics (HTGM) Receives a Rating Update from a Top Analyst

By Austin Angelo

Canaccord Genuity analyst Mark Massaro maintained a Buy rating on HTG Molecular Diagnostics (HTGMResearch Report) yesterday and set a price target of $5. The company’s shares closed yesterday at $2.32, close to its 52-week low of $2.03.

Massaro said:

“We reiterate our $5 price target. Q1 beat. Q1/19 revs of $3.2M (-23% Y/Y) beat our $2.6M and the guide of $2.5-3.0M. HTG’s core product revenue of $2.7M (+54%) beat our 1.7ME, and was offset by research revenue of just $0.5M (-78% Y/Y) which was down as two of its active PDP programs are “on hold” or “paused”. Recall that collaboration revenues are lumpy, and HTG drove +56% growth in pharma (PDP) revenue in FY’18. LPS of ($0.19) beat our ($0.26) on lighter spend. HTG now holds $25M of cash on its balance sheet. ILMN amendment. In April, HTG amended its IVD test development agreement with Illumina, for the development and commercialization of RNA or DNA profiling tests for use with ILMN’s MiSeqDx sequencer in oncology diagnostics.”

According to TipRanks.com, Massaro is a top 100 analyst with an average return of 18.4% and a 62.5% 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 Strong Buy, with a price target consensus of $6.33, a 172.8% upside from current levels. In a report issued on April 30, Cantor Fitzgerald also maintained a Buy rating on the stock with a $6 price target.

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The company has a one-year high of $5.46 and a one-year low of $2.03. Currently, HTG Molecular Diagnostics has an average volume of 323.7K.

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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.