Quanterix (NASDAQ:QTRX) Price Target Cut to $18.00 by Analysts at Scotiabank

Quanterix (NASDAQ:QTRX) had its target price reduced by equities research analysts at Scotiabank from $28.00 to $18.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 154.06% from the company’s current price.

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

Quanterix Price Performance

Shares of NASDAQ:QTRX traded down $0.11 during mid-day trading on Tuesday, reaching $7.09. 38,804 shares of the company traded hands, compared to its average volume of 507,081. The company’s 50 day moving average price is $8.15 and its 200-day moving average price is $10.78. The firm has a market cap of $274.73 million, a PE ratio of -6.69 and a beta of 1.33. Quanterix has a 52 week low of $6.30 and a 52 week high of $24.05.

Quanterix (NASDAQ:QTRX) last issued its quarterly 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). The firm had revenue of $35.16 million for the quarter, compared to analysts’ expectations of $34.93 million. Quanterix had a negative net margin of 30.12% and a negative return on equity of 11.74%. On average, research analysts predict that Quanterix will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quanterix

Institutional investors and hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its holdings in Quanterix by 111.3% in the 4th quarter. Ameriprise Financial Inc. now owns 3,205,928 shares of the company’s stock valued at $34,079,000 after acquiring an additional 1,688,680 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Quanterix during the fourth quarter valued at about $11,290,000. Portolan Capital Management LLC increased its holdings in shares of Quanterix by 31.4% in the third quarter. Portolan Capital Management LLC now owns 2,520,686 shares of the company’s stock worth $32,668,000 after purchasing an additional 602,656 shares during the last quarter. Pier Capital LLC increased its holdings in shares of Quanterix by 32.8% in the fourth quarter. Pier Capital LLC now owns 679,680 shares of the company’s stock worth $7,225,000 after purchasing an additional 167,882 shares during the last quarter. Finally, Williams Jones Wealth Management LLC. lifted its position in shares of Quanterix by 39.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 471,514 shares of the company’s stock worth $5,012,000 after buying an additional 134,470 shares in the last quarter. Institutional investors 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.