Quanterix Co. (NASDAQ:QTRX) Sees Significant Drop in Short Interest

Quanterix Co. (NASDAQ:QTRX) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 1,990,000 shares, a drop of 19.4% from the October 15th total of 2,470,000 shares. Currently, 5.6% of the company’s shares are short sold. Based on an average daily volume of 395,000 shares, the days-to-cover ratio is currently 5.0 days.

Quanterix Trading Down 4.0 %

QTRX stock traded down $0.48 during midday trading on Friday, reaching $11.44. The company had a trading volume of 555,932 shares, compared to its average volume of 403,176. The company has a 50 day moving average of $12.95 and a two-hundred day moving average of $13.96. The company has a market capitalization of $439.07 million, a P/E ratio of -10.90 and a beta of 1.36. Quanterix has a 1 year low of $10.50 and a 1 year high of $29.70.

Insider Buying and Selling

In other news, Director David R. Walt purchased 47,000 shares of Quanterix stock in a transaction that occurred on Tuesday, August 20th. The stock was acquired at an average price of $13.29 per share, for a total transaction of $624,630.00. Following the transaction, the director now owns 1,487,342 shares in the company, valued at $19,766,775.18. The trade was a 3.26 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 6.90% of the stock is currently owned by company insiders.

Institutional Trading of Quanterix

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC bought a new position in Quanterix during the third quarter valued at approximately $60,000. SG Americas Securities LLC acquired a new position in shares of Quanterix during the 3rd quarter worth $139,000. Canada Pension Plan Investment Board bought a new position in shares of Quanterix during the 2nd quarter valued at $140,000. Hsbc Holdings PLC lifted its stake in shares of Quanterix by 34.7% in the 2nd quarter. Hsbc Holdings PLC now owns 12,738 shares of the company’s stock valued at $164,000 after purchasing an additional 3,279 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in Quanterix in the third quarter worth $170,000. 86.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on QTRX shares. Scotiabank reduced their target price on Quanterix from $32.00 to $28.00 and set a “sector outperform” rating for the company in a report on Monday, August 12th. TD Cowen increased their price objective on Quanterix from $13.50 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday.

Quanterix Company Profile

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.