Cowen Trims Quanterix (NASDAQ:QTRX) Target Price to $38.00

Quanterix (NASDAQ:QTRXGet Rating) had its price target cut by Cowen from $60.00 to $38.00 in a research report released on Wednesday, Stock Target Advisor reports.

A number of other brokerages have also weighed in on QTRX. Zacks Investment Research upgraded shares of Quanterix from a strong sell rating to a hold rating in a research note on Wednesday, January 26th. Cowen decreased their target price on shares of Quanterix from $60.00 to $38.00 in a research note on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Quanterix from $85.00 to $60.00 and set an overweight rating for the company in a research report on Wednesday, March 2nd. SVB Leerink cut their price objective on shares of Quanterix from $70.00 to $50.00 and set an outperform rating for the company in a research report on Wednesday, March 2nd. Finally, The Goldman Sachs Group cut their price objective on shares of Quanterix from $40.00 to $35.00 and set a neutral rating for the company in a research report on Wednesday, April 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Quanterix has an average rating of Buy and a consensus target price of $49.86.

Shares of NASDAQ QTRX opened at $18.79 on Wednesday. Quanterix has a twelve month low of $14.86 and a twelve month high of $69.22. The firm has a market cap of $693.35 million, a P/E ratio of -10.44 and a beta of 1.59. The company has a 50 day moving average of $25.56 and a 200 day moving average of $34.30.

Quanterix (NASDAQ:QTRXGet Rating) last announced its earnings results on Tuesday, March 1st. The company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.11. The business had revenue of $29.31 million during the quarter, compared to analyst estimates of $29.00 million. Quanterix had a negative net margin of 58.23% and a negative return on equity of 14.47%. During the same period in the previous year, the business earned ($0.31) EPS. Equities research analysts predict that Quanterix will post -2.49 earnings per share for the current year.

In related news, SVP David C. Duffy sold 3,266 shares of the company’s stock in a transaction on Wednesday, March 23rd. The shares were sold at an average price of $30.00, for a total value of $97,980.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO E Kevin Hrusovsky sold 868 shares of the stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $29.79, for a total transaction of $25,857.72. Following the transaction, the chief executive officer now directly owns 886,976 shares of the company’s stock, valued at approximately $26,423,015.04. The disclosure for this sale can be found here. Insiders sold a total of 6,168 shares of company stock valued at $176,421 in the last ninety days. 15.40% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in QTRX. Wells Fargo & Company MN boosted its holdings in shares of Quanterix by 28.2% during the 2nd quarter. Wells Fargo & Company MN now owns 25,221 shares of the company’s stock valued at $1,480,000 after purchasing an additional 5,544 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Quanterix during the 3rd quarter valued at about $540,000. Swiss National Bank boosted its holdings in shares of Quanterix by 2.9% during the 3rd quarter. Swiss National Bank now owns 64,200 shares of the company’s stock valued at $3,197,000 after purchasing an additional 1,800 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Quanterix during the 3rd quarter valued at about $260,000. Finally, BlackRock Inc. raised its position in shares of Quanterix by 0.9% during the 3rd quarter. BlackRock Inc. now owns 2,413,221 shares of the company’s stock valued at $120,155,000 after buying an additional 22,583 shares in the last quarter. 86.46% of the stock is owned by institutional investors and hedge funds.

Quanterix Company Profile (Get Rating)

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. It offers HD-X 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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