Canaccord Genuity Group Reiterates Hold Rating for Quanterix (NASDAQ:QTRX)

Key Points

• Quanterix's stock rating was reiterated as a "hold" by Canaccord Genuity Group, with a revised price target of $5.00, down from $12.00, indicating a potential upside of 5.26%.
• The company reported a net loss of ($0.47) earnings per share for the quarter, below analyst estimates, and revenues of $24.48 million, missing expectations of $29.73 million.
• Recent insider buying included significant purchases by directors, increasing their ownership by over 7.11% and 202.50%, signaling confidence in the company's future prospects.

Canaccord Genuity Group reissued their hold rating on shares of Quanterix (NASDAQ:QTRX - Free Report) in a research note released on Monday morning, MarketBeat.com reports. Canaccord Genuity Group currently has a $5.00 price target on the stock, down from their previous price target of $12.00.

A number of other brokerages have also weighed in on QTRX. Leerink Partnrs lowered Quanterix from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Leerink Partners reaffirmed a "market perform" rating and set a $8.00 target price (down from $12.00) on shares of Quanterix in a report on Wednesday, April 30th. Finally, Wall Street Zen downgraded Quanterix from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Quanterix currently has an average rating of "Hold" and a consensus price target of $11.75.

Quanterix Price Performance

QTRX stock traded up $0.05 during midday trading on Monday, reaching $4.59. 195,146 shares of the stock were exchanged, compared to its average volume of 781,945. The stock has a market capitalization of $213.30 million, a PE ratio of -2.52 and a beta of 1.07. Quanterix has a 52 week low of $4.05 and a 52 week high of $15.85. The company has a fifty day moving average price of $5.92 and a 200 day moving average price of $6.28.

Quanterix (NASDAQ:QTRX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.06). The firm had revenue of $24.48 million for the quarter, compared to the consensus estimate of $29.73 million. Quanterix had a negative return on equity of 18.41% and a negative net margin of 56.04%. As a group, analysts anticipate that Quanterix will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Quanterix

In other Quanterix news, Director William P. Donnelly acquired 93,113 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $5.44 per share, for a total transaction of $506,534.72. Following the completion of the transaction, the director owned 139,094 shares of the company's stock, valued at approximately $756,671.36. This represents a 202.50% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David R. Walt purchased 131,869 shares of the stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $5.43 per share, for a total transaction of $716,048.67. Following the transaction, the director directly owned 1,628,802 shares of the company's stock, valued at approximately $8,844,394.86. This represents a 8.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 463,113 shares of company stock valued at $2,625,444. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of Quanterix

Several large investors have recently bought and sold shares of QTRX. Brevan Howard Capital Management LP purchased a new position in shares of Quanterix in the 2nd quarter worth about $96,000. Balyasny Asset Management L.P. boosted its stake in Quanterix by 1,625.2% during the 2nd quarter. Balyasny Asset Management L.P. now owns 767,801 shares of the company's stock valued at $5,106,000 after purchasing an additional 723,295 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Quanterix by 14.0% in the second quarter. Ameriprise Financial Inc. now owns 4,236,877 shares of the company's stock worth $28,175,000 after acquiring an additional 521,639 shares during the period. PDT Partners LLC purchased a new position in Quanterix during the second quarter valued at $317,000. Finally, Jane Street Group LLC lifted its position in Quanterix by 140.0% during the second quarter. Jane Street Group LLC now owns 139,964 shares of the company's stock valued at $931,000 after purchasing an additional 81,651 shares in the last quarter. 86.48% of the stock is owned by institutional investors.

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.