Market Overview

Investors Taking Note Of Cowen's GenMark Diagnostics Upgrade


GenMark Diagnostics, Inc (NASDAQ: GNMK) shares are trading higher by $1.45 (18 percent) at $10.27 in Friday's session. Investors are following the lead from Cowen, which before the open upgraded the issue from Market Perform to Outperform.

This was the first rating change in the issue since July 29, when JPMorgan maintained its Overweight rating and raised its price target from $10 to $13.

Over the last 10 quarters, the company has met or beat Wall Street analyst for EPS in eight and beat analysts revenue projections on all but one of those reports. The company's next earnings report will be on October 25.

Following a sharply higher open, it retreated $0.30 to $9.74 before continuing its move higher. So far, the ensuing rally has found resistance ahead of its July 29 high ($11.31), only reaching $10.98 before retreating to the lower $10 handle.

It should be noted the issue is on track for a monster day in volume; it has already traded 1.2 million shares compared with its 20-day average of 401,000.

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