Quanterix (NASDAQ:QTRX) Trading Up 12.8% After Analyst Upgrade


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Quanterix Co. (NASDAQ:QTRX) was up 12.8% during mid-day trading on Tuesday after Canaccord Genuity raised their price target on the stock from $54.00 to $60.00. Canaccord Genuity currently has a buy rating on the stock. Quanterix traded as high as $60.18 and last traded at $59.59. Approximately 648,869 shares changed hands during mid-day trading, an increase of 90% from the average daily volume of 342,053 shares. The stock had previously closed at $52.85.

A number of other research firms have also recently issued reports on QTRX. Zacks Investment Research cut shares of Quanterix from a “buy” rating to a “hold” rating in a report on Tuesday, January 5th. SVB Leerink raised their target price on shares of Quanterix from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 6th. ValuEngine cut shares of Quanterix from a “buy” rating to a “hold” rating in a report on Tuesday, December 1st. Finally, BidaskClub raised shares of Quanterix from a “hold” rating to a “buy” rating in a report on Wednesday, December 23rd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $45.00.

In other Quanterix news, CEO E Kevin Hrusovsky sold 3,264 shares of Quanterix stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $36.97, for a total value of $120,670.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David C. Duffy sold 1,667 shares of Quanterix stock in a transaction on Friday, December 18th. The shares were sold at an average price of $43.82, for a total transaction of $73,047.94. Following the completion of the transaction, the senior vice president now directly owns 42,807 shares of the company’s stock, valued at approximately $1,875,802.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,103 shares of company stock valued at $3,358,568. 25.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its position in shares of Quanterix by 11.4% in the third quarter. California State Teachers Retirement System now owns 31,831 shares of the company’s stock valued at $1,074,000 after purchasing an additional 3,267 shares during the period. Sei Investments Co. acquired a new stake in shares of Quanterix in the third quarter valued at about $214,000. Vanguard Group Inc. grew its position in shares of Quanterix by 5.7% in the second quarter. Vanguard Group Inc. now owns 984,171 shares of the company’s stock valued at $26,956,000 after purchasing an additional 53,244 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Quanterix in the third quarter valued at about $1,834,000. Finally, Nuveen Asset Management LLC grew its position in shares of Quanterix by 23.2% in the second quarter. Nuveen Asset Management LLC now owns 249,570 shares of the company’s stock valued at $6,836,000 after purchasing an additional 47,023 shares during the period. Institutional investors and hedge funds own 71.50% of the company’s stock.

The company’s 50-day moving average price is $46.13 and its 200-day moving average price is $38.34. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of -43.20 and a beta of 1.78. The company has a quick ratio of 5.32, a current ratio of 6.05 and a debt-to-equity ratio of 0.07.

Quanterix (NASDAQ:QTRX) last announced its earnings results on Thursday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.50. The business had revenue of $31.39 million for the quarter, compared to analyst estimates of $15.00 million. Quanterix had a negative net margin of 73.39% and a negative return on equity of 35.42%. Analysts predict that Quanterix Co. will post -1.64 earnings per share for the current fiscal year.

About Quanterix (NASDAQ:QTRX)

Quanterix Corporation, a life sciences company, develops and markets 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. The company offers HD-X instrument, a sensitive automated multiplex protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection technology in various applications, including direct detection of nucleic acids.

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