Canaccord Genuity Group Cuts Quanterix (NASDAQ:QTRX) Price Target to $12.00

Quanterix (NASDAQ:QTRX) had its target price lowered by Canaccord Genuity Group from $15.00 to $12.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also weighed in on QTRX. Scotiabank reissued an “outperform” rating on shares of Quanterix in a research note on Tuesday, March 25th. Leerink Partners restated a “market perform” rating and set a $8.00 target price (down previously from $12.00) on shares of Quanterix in a report on Wednesday, April 30th. Finally, Leerink Partnrs downgraded Quanterix from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.60.

Quanterix Stock Performance

NASDAQ:QTRX opened at $4.50 on Tuesday. The firm has a market cap of $174.55 million, a PE ratio of -4.25 and a beta of 1.12. Quanterix has a fifty-two week low of $4.05 and a fifty-two week high of $19.18. The business has a 50 day moving average price of $5.93 and a 200-day moving average price of $8.89.

Quanterix (NASDAQ:QTRX) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.53) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.16. The firm had revenue of $30.33 million during the quarter, compared to analyst estimates of $28.27 million. Quanterix had a negative return on equity of 11.74% and a negative net margin of 30.12%. Research analysts predict that Quanterix will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Quanterix

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming bought a new position in shares of Quanterix during the first quarter valued at approximately $47,000. Resona Asset Management Co. Ltd. bought a new position in Quanterix in the fourth quarter worth $55,000. Tower Research Capital LLC TRC raised its holdings in Quanterix by 219.1% in the fourth 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 in the last quarter. KLP Kapitalforvaltning AS bought a new position in Quanterix in the fourth quarter worth $66,000. Finally, Quantbot Technologies LP raised its holdings in Quanterix by 245.9% in the first quarter. Quantbot Technologies LP now owns 11,272 shares of the company’s stock worth $73,000 after purchasing an additional 8,013 shares in the last quarter. Institutional investors own 86.48% of the company’s stock.

About Quanterix

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.