Canaccord Genuity Group Has Lowered Expectations for Quanterix (NASDAQ:QTRX) Stock Price

Quanterix (NASDAQ:QTRX) had its price target lowered by research analysts at Canaccord Genuity Group from $20.00 to $15.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 106.04% from the company’s current price.

Quanterix Stock Up 3.1 %

Shares of NASDAQ QTRX opened at $7.28 on Tuesday. The stock’s fifty day simple moving average is $8.50 and its 200 day simple moving average is $10.97. The stock has a market capitalization of $280.45 million, a price-to-earnings ratio of -6.87 and a beta of 1.34. Quanterix has a 52-week low of $6.80 and a 52-week high of $27.37.

Quanterix (NASDAQ:QTRX) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). Quanterix had a negative return on equity of 11.74% and a negative net margin of 30.12%. The company had revenue of $35.16 million during the quarter, compared to analysts’ expectations of $34.93 million. As a group, analysts anticipate that Quanterix will post -0.98 earnings per share for the current year.

Institutional Trading of Quanterix

A number of hedge funds have recently modified their holdings of the business. Graypoint LLC acquired a new position in Quanterix during the fourth quarter valued at $691,000. Algert Global LLC increased its holdings in shares of Quanterix by 75.9% in the 3rd quarter. Algert Global LLC now owns 137,833 shares of the company’s stock valued at $1,786,000 after purchasing an additional 59,496 shares during the period. Geode Capital Management LLC increased its holdings in shares of Quanterix by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 858,667 shares of the company’s stock valued at $11,131,000 after purchasing an additional 18,231 shares during the period. Barclays PLC lifted its position in shares of Quanterix by 42.3% in the third quarter. Barclays PLC now owns 146,248 shares of the company’s stock worth $1,896,000 after purchasing an additional 43,447 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Quanterix by 28.1% during the third quarter. JPMorgan Chase & Co. now owns 217,957 shares of the company’s stock worth $2,825,000 after purchasing an additional 47,873 shares during the period. Hedge funds and other institutional investors 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.