Quanterix’s (QTRX) Buy Rating Reiterated at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Quanterix (NASDAQ:QTRX) in a research note released on Friday, AnalystRatings.com reports. The firm currently has a $32.00 price objective on the stock.

“We recommend investors own QTRX as it targets growth across four phases: (1) expansion in life sciences research, and likely expansion to (2) companion diagnostics; (3) point-of-care in vitro diagnostics, and, longer term, (4) precision health and wellness screening. We reiterate our BUY rating and raise our PT to $32 (from $29). Q1 beat. Q1 revs of $12.3M (+64% Y/Y) beat our $10.5ME (+39%)/ Street’s $10.2M, driven by triple-digit (+124%) growth in consumables revs and +70% growth in instruments revs, both well above our +58% and +20% estimates. Product revs of $9.5M (+101% Y/Y) beat our $6.7M, while service revs of $2.8M (+11% Y/Y) were below our $3.7M (+35%), as QTRX allocated its time and resources more toward driving volume growth in high-margin consumables.”,” Canaccord Genuity’s analyst wrote.

A number of other equities research analysts have also recently weighed in on the company. ValuEngine upgraded Quanterix from a hold rating to a buy rating in a research note on Thursday, January 31st. Zacks Investment Research cut Quanterix from a hold rating to a sell rating in a research note on Friday, January 25th.

QTRX opened at $20.59 on Friday. Quanterix has a 1-year low of $13.00 and a 1-year high of $26.48. The company has a current ratio of 3.28, a quick ratio of 2.95 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $458.71 million, a P/E ratio of -14.40 and a beta of 1.28.

Quanterix (NASDAQ:QTRX) last posted its quarterly earnings results on Monday, March 18th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.17). Quanterix had a negative net margin of 83.80% and a negative return on equity of 62.68%. The business had revenue of $10.88 million during the quarter, compared to the consensus estimate of $9.69 million. As a group, equities analysts expect that Quanterix will post -1.44 earnings per share for the current year.

In other Quanterix news, Chairman E Kevin Hrusovsky sold 6,817 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $24.06, for a total transaction of $164,017.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 11,964 shares of company stock worth $286,109 in the last quarter. Company insiders own 31.60% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. BNP Paribas Arbitrage SA increased its position in Quanterix by 5,803.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,830 shares of the company’s stock worth $47,000 after buying an additional 1,799 shares during the period. Citigroup Inc. increased its position in Quanterix by 50.3% during the 1st quarter. Citigroup Inc. now owns 2,661 shares of the company’s stock worth $69,000 after buying an additional 891 shares during the period. Bank of Montreal Can increased its position in Quanterix by 3,159.2% during the 1st quarter. Bank of Montreal Can now owns 3,911 shares of the company’s stock worth $101,000 after buying an additional 3,791 shares during the period. JPMorgan Chase & Co. increased its position in Quanterix by 140.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,190 shares of the company’s stock worth $134,000 after buying an additional 3,033 shares during the period. Finally, Macquarie Group Ltd. bought a new position in Quanterix during the 4th quarter worth $100,000. Hedge funds and other institutional investors own 51.77% of the company’s stock.

Quanterix Company Profile

Quanterix Corporation, a life sciences company, develops and markets ultra-sensitive digital immunoassay platform that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Simoa HD-1 instrument, a sensitive automated multiplex protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection technology in various applications, including direct detection of nucleic acids.

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