Scotiabank Cuts Quanterix (NASDAQ:QTRX) Price Target to $18.00

Quanterix (NASDAQ:QTRX) had its target price reduced by Scotiabank from $28.00 to $18.00 in a report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Separately, Canaccord Genuity Group reduced their target price on Quanterix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 18th.

Quanterix Trading Down 2.4 %

NASDAQ QTRX opened at $7.02 on Tuesday. The firm has a market capitalization of $272.21 million, a P/E ratio of -6.62 and a beta of 1.33. The business has a fifty day simple moving average of $8.12 and a 200 day simple moving average of $10.75. Quanterix has a 12 month low of $6.30 and a 12 month high of $23.94.

Quanterix (NASDAQ:QTRX) last released 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 net margin of 30.12% and a negative return on equity of 11.74%. The firm had revenue of $35.16 million for the quarter, compared to the consensus estimate of $34.93 million. As a group, sell-side analysts predict that Quanterix will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. raised its holdings in shares of Quanterix by 111.3% in the 4th quarter. Ameriprise Financial Inc. now owns 3,205,928 shares of the company’s stock worth $34,079,000 after purchasing an additional 1,688,680 shares during the period. Portolan Capital Management LLC raised its stake in shares of Quanterix by 2.7% in the fourth quarter. Portolan Capital Management LLC now owns 2,587,824 shares of the company’s stock valued at $27,509,000 after buying an additional 67,138 shares during the period. Vanguard Group Inc. lifted its position in shares of Quanterix by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 2,217,225 shares of the company’s stock valued at $23,569,000 after buying an additional 19,386 shares during the last quarter. Millennium Management LLC grew its stake in shares of Quanterix by 6.0% during the 4th quarter. Millennium Management LLC now owns 2,185,101 shares of the company’s stock worth $23,228,000 after acquiring an additional 122,969 shares during the period. Finally, William Blair Investment Management LLC purchased a new stake in Quanterix in the 4th quarter worth about $11,290,000. 86.48% of the stock is currently owned by hedge funds and other institutional investors.

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.