Survey Shows Low Awareness and Purchase Intent on HTG Molecular Diagnostics (HTGM); Leerink Partners Cuts Price Target to $10

Leerink Partners reiterates an Outperform rating on HTG Molecular Diagnostics (NASDAQ: HTGM), and cut the price target to $10.00 (from $18.00), following the company's 3Q15 earnings report. HTGM reported Q3 revenue of $1M, in line with the Street expectation. However, Survey work suggests awareness of its offering and customer purchase intent are low.

Analyst Dan Leonard commented, "While HTGM successfully expanded its application menu for its EdgeSeq instrument over the past 3 months, growth in its installed base stalled, and our survey work suggests awareness of its offering and customer purchase intent are low. We are reducing our estimates to reflect more conservatism in the pacing of instrument placements and consumables pull-through. We maintain our Outperform rating but reduce our price target from $18 to $10."

For an analyst ratings summary and ratings history on HTG Molecular Diagnostics click here. For more ratings news on HTG Molecular Diagnostics click here.

Shares of HTG Molecular Diagnostics closed at $5.40 yesterday.

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