Quanterix (NASDAQ:QTRX) Price Target Cut to $3.00 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity cut Quanterix’s price target from $4.00 to $3.00 and maintained a “hold” rating, implying roughly 15.8% upside from the reported $2.59 share price.
• Analyst sentiment remains weak: Quanterix has an average “Reduce” rating and a consensus price target of $3.00, with ratings including two Holds and one Sell.
• The company’s latest quarterly results missed expectations, reporting a loss of $1.04 per share versus the expected $0.41 loss and revenue of $32.91 million versus the $37.48 million consensus estimate.

Quanterix (NASDAQ:QTRX - Get Free Report) had its target price cut by investment analysts at Canaccord Genuity Group from $4.00 to $3.00 in a report issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 15.83% from the company's current price.

Several other analysts also recently weighed in on the company. Wall Street Zen downgraded Quanterix from a "hold" rating to a "sell" rating in a report on Saturday. TD Cowen dropped their target price on shares of Quanterix from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Quanterix in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $3.00.

Quanterix Price Performance

Quanterix stock opened at $2.59 on Monday. The stock has a market cap of $122.48 million, a price-to-earnings ratio of -0.98 and a beta of 1.07. The firm has a 50-day moving average of $3.62 and a two-hundred day moving average of $4.06. Quanterix has a 1 year low of $2.15 and a 1 year high of $8.77.

Quanterix (NASDAQ:QTRX - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.63). Quanterix had a negative net margin of 80.25% and a negative return on equity of 26.09%. The company had revenue of $32.91 million for the quarter, compared to the consensus estimate of $37.48 million.

Hedge Funds Weigh In On Quanterix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC purchased a new position in Quanterix during the 4th quarter worth $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Quanterix in the fourth quarter valued at about $27,000. Quarry LP boosted its holdings in Quanterix by 277,300.0% in the third quarter. Quarry LP now owns 5,548 shares of the company's stock worth $30,000 after acquiring an additional 5,546 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Quanterix during the second quarter worth about $60,000. Finally, AXQ Capital LP purchased a new stake in shares of Quanterix during the fourth quarter worth about $70,000. Hedge funds and other institutional investors own 86.48% of the company's stock.

Quanterix Company Profile

Quanterix Corporation is a life sciences and diagnostics company specializing in ultra-sensitive digital immunoassay platforms. Its proprietary Single Molecule Array (Simoa) technology enables researchers to detect and quantify proteins, peptides and nucleic acids at femtomolar concentrations, offering sensitivity that surpasses traditional immunoassay methods. By translating single-molecule detection into routine laboratory workflows, Quanterix aims to accelerate biomarker discovery and the development of novel diagnostics and therapeutics.

The company's core product portfolio includes the Simoa HD-1 and HD-X Analyzers, which automate high-throughput digital immunoassays for quantifying low-abundance biomarkers.

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