GenMark Diagnostics (GNMK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Top Ranked Momentum Stocks to Buy for May 7th
Just when it looked like time to throw in the towel, the market pulled through and delivered a win. Stabilizing crude oil prices, a few better-than-expected earnings reports as well as the possibility of a fresh fiscal stimulus package all helped inspire confidence among investors.While April's rally doesn’t necessarily signal that the worst is behind us, it’s encouraging to say the least. Add in the opportunity to find exciting growth plays, and you have our attention.According to the Wall Street pros, even amid the ongoing public health crisis, a select group has set itself up for growth to the upside, pointing specifically to the healthcare sector. Stocks falling into this category are well positioned within the industry, and aren’t just in it for the short-term. Rather, these names are poised for some serious share price appreciation through the next year and beyond.We all know that past performance won’t guarantee future results. Still, the best place to start looking for tomorrow’s high-growth stocks is among yesterday’s winners. Using TipRanks’ database, we’ve found three healthcare stocks that saw hefty gains in 2020. Each name is well-loved by Wall Street analysts, and has received enough bullish calls to score a “Strong Buy” consensus rating.Compugen Ltd. (CGEN)Genomics-based drug and diagnostic discovery company Compugen specializes in developing therapeutic and diagnostic biomarker product candidates including proteins and monoclonal antibodies. With an already achieved 147% year-to-date gain and an impressive lead candidate, COM701, the analyst community sees vast potential for the company in the immuno-oncology (IO) space.Weighing in for investment firm SunTrust, analyst Asthika Goonewardene calls COM701 “first-in-class” and the “strongest lever in a hot, new immuno-oncology (IO) cluster of potential drug targets.” “Correctly targeting this IO cluster not only takes the brakes off the immune cells (blocking antagonist checkpoints) but also steps on the gas pedal (agonist effect). CGEN's approach may achieve this,” he explained.Part of what sets CGEN’s asset apart is that it acts on a different component of the cluster, with current data suggesting this approach will lead to better results. It should be noted that CGEN is the only player currently targeting this mechanism, putting it two to three years ahead of its peers, in Goonewardene’s opinion. The analyst added, “CGEN recently announced COM701 showed single agent activity (tumor shrinkage) at a more optimal dose. This is a key hurdle in IO and backs our positive sentiment.”Looking forward, Goonewardene believes that data releases slated for the second half of 2020 and the first half of 2021 should demonstrate the ideal combinations of COM701 so it can be further evaluated in selected tumor types and achieve ~$3 billion in unadjusted peak sales by 2029.As it also has a collaboration with industry heavyweight Bristol Myers and other top players are developing candidates to target the TIGIT component of the cluster, it’s no wonder Goonewardene takes a bullish stance on CGEN. To kick off his coverage, he published a Buy rating and set a $16 price target.All in all, the rest of the Street echoes the analyst’s sentiment. Only Buy ratings have been assigned in the last three months, 4 to be exact, and thus, the consensus rating is a Strong Buy. At $18.00, the average price target is more aggressive than Goonewardene’s and suggests 23% upside potential. (See Compugen stock analysis on TipRanks)Cue Biopharma, Inc. (CUE) Hoping to provide better treatments for cancer and autoimmune diseases, Cue Biopharma is developing a novel class of injectable biologics to selectively engage and modulate targeted T cells within the body. In the last month alone, shares have climbed 88% higher, with one analyst noting that the current state of the market has set it up for even more gains.JMP Securities’ Reni Benjamin tells clients that after a conference call with the company’s CSO and CMO, he has a better understanding of its Immuno-STAT platform and future clinical plans. With respect to the platform, the analyst found its breadth and depth promising, with it potentially being able to address multiple indications. Take its CUE-101 candidate for example. While the therapy was evaluated first in head and neck squamous cell carcinoma (HNSCC), it could potentially be used to treat any HPV16-driven cancer.Expounding on this, Benjamin said, “Notably, prototypes for the next-generation of molecules have already emerged, with a pre-made scaffold receptive for chemical peptide conjugation (instead of fusion protein) that allows for even easier target switch, streamlined manufacturing, and potential registrational efficiencies Further, replacing the co-stimulator with a dampener (e.g., PD-L1) has the potential to drive the use of Immuno-STAT toward autoimmune-based indications...”Additionally, a robust level of selectivity and therapeutic potency was shown by preclinical data. “Despite competitors that have engineered the ability to avoid regulatory T cells, CUE has designed a product candidate that can not only avoid regulatory T cells, but also activate antigen-specific T cell repertoires. Importantly, the Immuno-STATs are able to activate both pre-existing and naive T cells,” Benjamin commented.It should also be noted that management has designed its ongoing first-in-human study with the goal of achieving platform validation. Combine this with a Merck collaboration advancing in type 1 diabetes and a $51 million pro forma cash position, and you get a bullish analyst review.To this end, Benjamin kept a Market Outperform rating and $30 price target on the stock. Should this target be met, a 21% twelve-month gain could be in the cards. (To watch Benjamin’s track record, click here)Turning now to the rest of the Street, other analysts like what they’re seeing. With 100% Street support, the consensus is unanimous: CUE is a Strong Buy. (See Cue stock analysis on TipRanks)GenMark Diagnostics (GNMK)Using its patented eSensor electrochemical detection technology, GenMark develops diagnostic instruments and multiplex molecular panels. While its ePlex SARS-CoV-2 (COVID-19) test has helped drive huge gains, 110% in the last month, some members of the Street believe its future is only getting brighter.Back in March, the company announced that its test had been granted FDA emergency use authorization (EUA). The test can be run on GNMK's ePlex system, and each test is expected to be priced at around $110. Part of the excitement surrounding the test is related to its speed, with it able to produce results in 90 minutes. Not to mention 96 tests can be run in eight-hour shifts.Thanks to the massive level of interest, the test was widely expected to serve as a significant tailwind for the company in 2020. Based on GNMK’s preliminary Q1 2020 results, this appears to have been the case. In its preannouncement, GNMK reported Q1 revenue grew 80% year-over-year to hit $38.7 million, flying past the Street’s $26.4 million (23% year-over-year growth) estimate. Adding to the good news, the company is slated to see some serious gross margin expansion. We’re talking about 40% here.Even though these figures are certainly impressive, BTIG analyst Sung Ji Nam notes that there are a few important factors to consider. First and foremost, RP demand had more of an effect on revenue than the COVID-19 tests. “While we expect continued tailwind for COVID-19 testing near-term, we are more encouraged by the strong ePlex placements in the quarter which bode well for GNMK's core syndromic panel testing business both in the near term and longer-term,” he stated.As for the second, Nam commented, “Full year revenue guidance was raised to 27-39% growth vs. 14-25%, previously: While the full-year revenue guidance was raised by the 1Q beat, GNMK has better visibility than most for its business near term and is well-positioned for the remainder of the year, in our view, given the strong momentum for the RP panel and COVID-19 testing. GNMK is also currently developing an ePlex RP2 Panel that will include the SARS-CoV-2 viral target with funding from BARDA (up to $749,000), which the company expects to have available for the next flu season.”With GNMK continuing to expand its test menu in sydromic panel testing and its solid standing in a rapidly growing segment of the IVD market, the deal is sealed for Nam, as he reiterates a Buy rating on the stock. (To watch Nam’s track record, click here)Like Nam, the rest of the Street has high hopes for this stock. GNMK’s Strong Buy consensus rating breaks down into 4 Buys and 1 Hold issued in the last three months. (See GenMark stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Top Ranked Momentum Stocks to Buy for May 8th
GenMark intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. Cowen and William Blair are acting as joint book-running managers for the offering. GenMark intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, increasing manufacturing capacity and associated capital expenditures, to fund ongoing menu expansion and technology development, and pursue future market opportunities.
Investors in the San Diego-based developer of diagnostic tests and equipment have seen their shares soar 149% since the start of 2020. While many companies have reduced or withdrawn 2020 financial guidance, GenMark increased its projected revenue twice, spurred by demand for its rapid test for COVID-19. Importantly, the management team highlighted on the first-quarter earnings conference call that suspected COVID-19 patients often get screened with GenMark's respiratory panel first.
CARLSBAD, Calif., May 27, 2020 -- GenMark Diagnostics, Inc. (NASDAQ: GNMK) (“GenMark” or the “Company”), a molecular diagnostics company focused on developing and.
GenMark Diagnostics (GNMK) delivered earnings and revenue surprises of 75.00% and 0.11%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
CARLSBAD, Calif., May 04, 2020 -- GenMark Diagnostics, Inc. (NASDAQ: GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today announced.
CARLSBAD, Calif., April 22, 2020 -- GenMark Diagnostics, Inc. (NASDAQ: GNMK) today announced that it plans to release its first quarter earnings results after market close.
CARLSBAD, Calif., May 04, 2020 -- GenMark Diagnostics, Inc. ("GenMark" or the "Company") (Nasdaq: GNMK), a leading provider of automated, multiplex molecular diagnostic testing.
GenMark Diagnostics (GNMK) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.
How far off is GenMark Diagnostics, Inc. (NASDAQ:GNMK) from its intrinsic value? Using the most recent financial data...
Investors need to pay close attention to GenMark (GNMK) stock based on the movements in the options market lately.
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks hitting 52-week highs May 5.) * Arcturus Therapeutics Ltd (NASDAQ: ARCT) (announced a partnership with Catalent Inc (NYSE: CTLT) for manufacturing of a vaccine against the novel coronavirus) * BIO-TECHNE Corp (NASDAQ: TECH) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * ChemoCentryx Inc (NASDAQ: CCXI) * DexCom, Inc. (NASDAQ: DXCM) (received Health Canada temporary authorization for its Dexcom G6 CGM for use in hospitals to monitor critically ill patients during COVID-19 pandemic) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) (announced FDA approval for Johnson & Johnson (NYSE: JNJ) Janssen unit's subcutaneous formulation of Darzalex, which uses Halozyme's Enhanze technology, in treating multiple myeloma) * Imara Inc (NASDAQ: IMRA) * Immunomedics, Inc. (NASDAQ: IMMU) (announced the commercial availability of its recently-approved breast cancer drug Trodelvy in the U.S.) * Masimo Corporation (NASDAQ: MASI) * Minerva Neurosciences Inc (NASDAQ: NERV) * Vermillion, Inc. (NASDAQ: VRML) * Zynex Inc. (NASDAQ: ZYXI)None of the biotech/medical devices/diagnostics company hit 52-week lows Monday.Stocks In Focus Adverum's Gene Therapy Shows Robust Efficacy, Safety In Phase 1 Study For Wet Age-Related Macular Degeneration Adverum Biotechnologies Inc (NASDAQ: ADVM) announced new interim clinical data from Cohorts 1-3 of the OPTIC Phase 1 dose-ranging clinical study of single-dose of ADVM-022 intravitreal injection gene therapy in patients with wet age-related macular degeneration, which further demonstrated the transformative potential of ADVM-022 to greatly reduce anti-VEGF injection burden in wet AMD."It's impressive to see the long-term durability demonstrated at the higher dose of ADVM-022 in a patient population that previously required frequent injections to maintain their vision and are now beyond one year of follow-up with no rescue injections," Arshad Khanani, the study's principal investigator, said in a statement.The company also offered a business update, reporting cash, cash equivalents and short-term investments of $297 million as of March 31. Adverum said it expects to submit a NDA for ADVM-022 in diabetic retinopathy in the first half of 2020 and present data from all four cohorts of the OPTIC trial in the second half.Bio-Rad Droplet Digital PCR Test Kit For Coronavirus Receives EUA Bio-Rad said its SARS-CoV-2 Droplet Digital PCR test kit has been granted Emergency Use Authorization by the FDA. The SARS-CoV-2 Droplet Digital PCR test runs on Bio-Rad's QX200 and QXDx ddPCR systems.Chembio's Serological Test For Coronavirus Gets CE Marking Chembio Diagnostics Inc (NASDAQ: CEMI) said it has attained the CE Marking for its DPP COVID-19 System. The CE Marking allows the company commercialize the system within the member states of the European Union and the Caribbean region, except for Puerto Rico.The DPP COVID-19 System is a serological test and analyzer that provides numerical readings for both IgM and IgG antibody levels within 15 minutes from a simple finger stick drop of blood. The test has received EUA in the U.S.Separately, the company reported first-quarter results, showing a 20% decline in revenue to $6.9 million and a wider net loss of 29 cents per share.In premarket trading Tuesday, the stock was gaining 17.47% to $14.39.View more earnings on IBBSee also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates Regeneron, Sanofi Say PD-1 Inhibitor Libtayo Found Effective In Skin Cancer In Pivotal Study Regeneron Pharmaceuticals Inc (NASDAQ: REGN) and Sanofi SA (NASDAQ: SNY) announced top-line data from a pivotal, single-arm, open-label trial of PD-1 inhibitor Libtayo in patients with advanced basal cell carcinoma who had progressed on or were intolerant to prior hedgehog pathway inhibitor therapy. The data showed the investigational asset demonstrated clinically meaningful and durable responses in this group of patients for whom there are currently no approved treatments.The companies said they plan regulatory submissions in 2020.Libtayo was approved in September 2018 by the FDA to treat patients with metastatic cutaneous squamous cell carcinoma.Insmed Announces Secondary Offering Of Common Stock Insmed Incorporated (NASDAQ: INSM) said it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares are being offered by the company.The stock was down 0.84% at $24.65 in Tuesday's premarket session.Earnings GenMark Diagnostics, Inc (NASDAQ: GNMK) announced first-quarter revenue of $38.7 million, in line with the number it mentioned in its April 8 pre-announcement and representing an 80% year-over-year increase. The loss per share narrowed from 21 cents to 12 cents, while analysts estimated a loss of 14 cents per share.The company raised its full-year revenue guidance to $120 million to $130 million, ahead of the $108.58-million consensus estimate, and it also increased its gross margin guidance to 38-40%.Separately, GenMark announced the appointment of Scott Mendel as CEO. Mendel has been serving as CEO on an interim basis since February.The stock was up 13.29% at $13.30 in the premarket session.On The Radar Earnings * Oxford Immunotec Global PLC (NASDAQ: OXFD) (before the market open) * Karyopharm Therapeutics Inc (NASDAQ: KPTI) (before the market open) * Haemonetics Corporation (NYSE: HAE) (before the market open) * Antares Pharma Inc (NASDAQ: ATRS) (before the market open) * Harvard Bioscience, Inc. (NASDAQ: HBIO) (before the market open) * Vericel Corp (NASDAQ: VCEL) (before the market open) * Regeneron * Neuronetics Inc (NASDAQ: STIM) (before the market open) * Mallinckrodt PLC (NYSE: MNK) (before the market open) * Akebia Therapeutics Inc (NASDAQ: AKBA) (before the market open) * Agile Therapeutics Inc (NASDAQ: AGRX) (after the market close) * Aquestive Therapeutics Inc (NASDAQ: AQST) (after the market close) * Akcea Therapeutics Inc (NASDAQ: AKCA) (after the market close) * Acorda Therapeutics Inc (NASDAQ: ACOR) (after the market close) * Axonics Modulation Technologies Inc (NASDAQ: AXNX) (after the market close) * Synthetic Biologics Inc (NYSE: SYN) (after the market close) * T2 Biosystems Inc (NASDAQ: TTOO) (after the market close) * Iovance Biotherapeutics Inc (NASDAQ: IOVA) (after the market close) * MacroGenics Inc (NASDAQ: MGNX) (after the market close) * Zogenix, Inc. (NASDAQ: ZGNX) (after the market close) * Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) (after the market close) * Exelixis, Inc. (NASDAQ: EXEL) (after the market close) * Myriad Genetics, Inc. (NASDAQ: MYGN) (after the market close) * Inspire Medical Systems Inc (NYSE: INSP) (after the market close) * Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) (after the market close) * Supernus Pharmaceuticals Inc (NASDAQ: SUPN) (after the market close) * Nevro Corp (NYSE: NVRO) (after the market close) * Clovis Oncology Inc (NASDAQ: CLVS) (after the market close) * InVitae Corp (NYSE: NVTA) (after the market close) * Cytosorbents Corp (NASDAQ: CTSO) (after the market close) * Cardiovascular Systems Inc (NASDAQ: CSII) (after the market close) * Cerus Corporation (NASDAQ: CERS) (after the market close) * Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) (after the market close) * Incyte Corporation (NASDAQ: INCY) (after the market close) * Orthopediatrics Corp (NASDAQ: KIDS) (after the market close)Related Link: The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Gilead Slips Despite Forecast-Beating Q1, Moderna Partners With Lonza For Coronavirus Vaccine Production, Lyra Therapeutics IPO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The aggregate gross proceeds to GenMark, before deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $80.5 million. Cowen and William Blair acted as joint book-running managers for the offering. Canaccord Genuity acted as lead manager for the offering.
The gross proceeds to GenMark, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.0 million. GenMark has granted the underwriters a 30-day option to purchase up to an additional 1,088,082 shares at the public offering price, less underwriting discounts and commissions. Cowen and William Blair are acting as joint book-running managers for the offering.
Novavax stock popped Wednesday after the small biotech company said it plans to begin human testing of its coronavirus vaccine in mid-May. The company expects preliminary results in July.
Ladies and gentlemen, thank you for standing by, and welcome to the GenMark Diagnostics First Quarter Earnings Conference Call. Before we begin, I would like to inform you that certain statements made by GenMark during the course of this call may constitute forward-looking statements. Any statement about our expectations, beliefs, plans, objectives, assumptions of future events or performance are forward-looking statements.
In the current session, GenMark Diagnostics Inc. (NASDAQ: GNMK) is trading at $12.08, after a 24.4% spike. Over the past month, the stock increased by 97.21%, and in the past year, by 60.13%. With performance like this, long-term shareholders optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.Assuming that all other factors are held constant, this could present itself as an opportunity for shareholders trying to capitalize on the higher share price. The stock is currently below from its 52 week high by 10.43%.The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against its past earnings, historical data and aggregate market data for the industry or the indices, such as S&P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also shows that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future.Depending on the particular phase of a business cycle, some industries will perform better than others.GenMark Diagnostics has a lower P/E than the aggregate P/E of 17.57 of the medical devices industry. Ideally, one might believe that they might perform worse than its peers, but it's also probable that the stock is undervalued.Price to earnings ratio is not always a great indicator of the company's performance. Depending on the earnings makeup of a company, investors may not be able to attain key insights from trailing earnings.See more from Benzinga * Stocks That Hit 52-Week Highs On Tuesday * 20 Healthcare Stocks Moving In Monday's Pre-Market Session * Stocks That Hit 52-Week Highs On Tuesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.