Canaccord Genuity Group Lowers Quanterix (NASDAQ:QTRX) Price Target to $15.00

Quanterix (NASDAQ:QTRX) had its price target dropped by equities 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 price target points to a potential upside of 108.33% from the company’s current price.

Quanterix Price Performance

Shares of QTRX opened at $7.20 on Tuesday. Quanterix has a one year low of $6.30 and a one year high of $27.37. The company has a 50-day simple moving average of $8.32 and a two-hundred day simple moving average of $10.90. The firm has a market capitalization of $277.37 million, a PE ratio of -6.79 and a beta of 1.34.

Quanterix (NASDAQ:QTRX) last released its earnings results on Monday, March 17th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $35.16 million for the quarter, compared to analysts’ expectations of $34.93 million. Analysts expect that Quanterix will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Quanterix

Hedge funds have recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. purchased a new position in Quanterix in the 4th quarter worth approximately $55,000. Tower Research Capital LLC TRC grew its position in Quanterix by 219.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,702 shares of the company’s stock worth $61,000 after purchasing an additional 3,915 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Quanterix in the 4th quarter worth approximately $66,000. Peapack Gladstone Financial Corp bought a new stake in Quanterix in the 3rd quarter worth approximately $131,000. Finally, ProShare Advisors LLC bought a new stake in Quanterix in the 4th quarter worth approximately $108,000. 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.