NEW YORK (GenomeWeb News) – Three investment banks have initiated coverage of GenMark Diagnostics with favorable ratings.
Piper Jaffray issued an "overweight" rating and an $8 price target on GenMark's stock, saying its current valuation does not reflect the potential of the firm's technology or assay pipeline.
William Blair also initiated coverage with an "outperform" rating, and ThinkEquity initiated coverage with a "buy" rating.
GenMark was formerly known as Osmetech. The molecular diagnostics firm moved its headquarters to the US and began floating on the Nasdaq on the last day of May. Its US IPO was priced at $6 per share, but its stock has fallen since then.
In Monday afternoon trade, shares of GenMark were up 1 percent at $4.81.