Panagora Asset Management Inc. Makes New Investment in GenMark Diagnostics, Inc (NASDAQ:GNMK)
Panagora Asset Management Inc. bought a new position in GenMark Diagnostics, Inc (NASDAQ:GNMK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 49,807 shares of the medical equipment provider’s stock, valued at approximately $323,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. FMR LLC increased its stake in shares of GenMark Diagnostics by 0.9% in the first quarter. FMR LLC now owns 8,470,863 shares of the medical equipment provider’s stock valued at $60,058,000 after purchasing an additional 77,571 shares during the period. Granite Investment Partners LLC increased its stake in shares of GenMark Diagnostics by 75.2% in the second quarter. Granite Investment Partners LLC now owns 307,280 shares of the medical equipment provider’s stock valued at $1,994,000 after purchasing an additional 131,857 shares during the period. Wells Fargo & Company MN increased its stake in shares of GenMark Diagnostics by 104.0% in the second quarter. Wells Fargo & Company MN now owns 205,226 shares of the medical equipment provider’s stock valued at $1,332,000 after purchasing an additional 104,607 shares during the period. Wrapmanager Inc. increased its stake in shares of GenMark Diagnostics by 18.6% in the second quarter. Wrapmanager Inc. now owns 63,287 shares of the medical equipment provider’s stock valued at $411,000 after purchasing an additional 9,909 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of GenMark Diagnostics in the second quarter valued at approximately $361,000. 91.03% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Hany Massarany sold 8,080 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $6.25, for a total transaction of $50,500.00. Following the transaction, the insider now owns 816,871 shares in the company, valued at $5,105,443.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin C. Oboyle sold 18,350 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.51, for a total transaction of $119,458.50. Following the transaction, the director now owns 102,112 shares in the company, valued at approximately $664,749.12. The disclosure for this sale can be found here. Insiders have sold 57,847 shares of company stock worth $359,859 in the last quarter. Company insiders own 5.24% of the company’s stock.
GenMark Diagnostics (NASDAQ:GNMK) last posted its quarterly earnings data on Monday, August 5th. The medical equipment provider reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.02). GenMark Diagnostics had a negative net margin of 63.86% and a negative return on equity of 167.54%. The company had revenue of $18.37 million for the quarter, compared to analyst estimates of $17.92 million. As a group, analysts predict that GenMark Diagnostics, Inc will post -0.8 EPS for the current fiscal year.
Several equities research analysts have commented on GNMK shares. Canaccord Genuity restated a “buy” rating and issued a $10.00 price target on shares of GenMark Diagnostics in a research note on Monday, July 1st. Zacks Investment Research lowered shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Thursday, June 13th. Finally, BidaskClub lowered shares of GenMark Diagnostics from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $9.67.
About GenMark Diagnostics
GenMark Diagnostics, Inc, a molecular diagnostics company, develops and commercializes molecular tests based on its proprietary eSensor electrochemical detection technology. It provides ePlex instrument and respiratory pathogen panel, which integrates automated nucleic acid extraction and amplification with its eSensor detection technology to enable operators using ePlex system to place patient sample directly into its test cartridge and obtain results.
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