Canaccord Genuity Group Lowers Quanterix (NASDAQ:QTRX) Price Target to $15.00

Quanterix (NASDAQ:QTRX) had its price target reduced by Canaccord Genuity Group from $20.00 to $15.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Quanterix Stock Performance

NASDAQ QTRX opened at $7.24 on Tuesday. The company has a market capitalization of $278.91 million, a PE ratio of -6.83 and a beta of 1.34. The business’s fifty day moving average is $8.23 and its 200 day moving average is $10.88. Quanterix has a fifty-two week low of $6.30 and a fifty-two week high of $26.18.

Quanterix (NASDAQ:QTRX) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.03). Quanterix had a negative net margin of 30.12% and a negative return on equity of 11.74%. The business had revenue of $35.16 million during the quarter, compared to analysts’ expectations of $34.93 million. On average, sell-side analysts forecast that Quanterix will post -0.98 EPS for the current year.

Institutional Investors Weigh In On Quanterix

Hedge funds have recently made changes to their positions in the company. Resona Asset Management Co. Ltd. bought a new stake in Quanterix during the fourth quarter worth approximately $55,000. Tower Research Capital LLC TRC grew 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 worth $61,000 after purchasing an additional 3,915 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Quanterix in the fourth quarter worth approximately $66,000. Canada Pension Plan Investment Board lifted its holdings in Quanterix by 64.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 10,200 shares of the company’s stock worth $108,000 after buying an additional 4,000 shares during the period. Finally, ProShare Advisors LLC purchased a new stake in Quanterix during the fourth quarter worth $108,000. 86.48% of the stock is currently owned by hedge funds and other 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.