Canaccord Genuity Group Cuts Quanterix (NASDAQ:QTRX) Price Target to $12.00

Quanterix (NASDAQ:QTRX - Free Report) had its price target reduced by Canaccord Genuity Group from $15.00 to $12.00 in a research report released on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts also recently weighed in on QTRX. Scotiabank reissued an "outperform" rating on shares of Quanterix in a research report on Tuesday, March 25th. Leerink Partners reissued a "market perform" rating and set a $8.00 price target (down previously from $12.00) on shares of Quanterix in a research report on Wednesday, April 30th. Finally, Leerink Partnrs downgraded shares of Quanterix from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.60.

Quanterix Stock Up 6.4%

Shares of QTRX traded up $0.29 during mid-day trading on Tuesday, reaching $4.79. 734,544 shares of the stock traded hands, compared to its average volume of 565,339. Quanterix has a 12-month low of $4.05 and a 12-month high of $19.18. The firm has a market cap of $185.80 million, a price-to-earnings ratio of -4.52 and a beta of 1.12. The stock has a fifty day simple moving average of $5.88 and a 200 day simple moving average of $8.83.

Quanterix (NASDAQ:QTRX - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.53) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.16. Quanterix had a negative net margin of 30.12% and a negative return on equity of 11.74%. The business had revenue of $30.33 million during the quarter, compared to the consensus estimate of $28.27 million. On average, equities research analysts expect that Quanterix will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quanterix

A number of hedge funds have recently added to or reduced their stakes in QTRX. State of Wyoming acquired a new position in Quanterix in the first quarter worth $47,000. Resona Asset Management Co. Ltd. bought a new stake in Quanterix in the fourth quarter valued at $55,000. Tower Research Capital LLC TRC lifted its stake in Quanterix by 219.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,702 shares of the company's stock valued at $61,000 after buying an additional 3,915 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Quanterix in the fourth quarter valued at $66,000. Finally, Quantbot Technologies LP lifted its stake in Quanterix by 245.9% in the first quarter. Quantbot Technologies LP now owns 11,272 shares of the company's stock valued at $73,000 after buying an additional 8,013 shares during the last quarter. Institutional investors and hedge funds own 86.48% of the company's stock.

About Quanterix

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.