Canaccord Genuity Group Issues Pessimistic Forecast for Quanterix (NASDAQ:QTRX) Stock Price

Quanterix (NASDAQ:QTRX) had its price objective lowered by Canaccord Genuity Group from $20.00 to $15.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Quanterix Stock Down 1.8 %

Shares of QTRX opened at $7.15 on Tuesday. Quanterix has a twelve month low of $6.30 and a twelve month high of $27.37. The company has a 50 day moving average of $8.41 and a 200-day moving average of $10.93. The stock has a market capitalization of $275.45 million, a P/E ratio of -6.75 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 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 firm had revenue of $35.16 million during the quarter, compared to the consensus estimate of $34.93 million. On average, sell-side analysts anticipate that Quanterix will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quanterix

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

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.