GenMark Surges On Report Of Potential Takeover Amid Interest From Buyers: Bloomberg

Bloomberg stated that GenMark Diagnostics Inc (NASDAQ: GNMK) is reportedly exploring a sale and has been contacted by multiple potential buyers. The company is said to have engaged a financial advisor to help it navigate acquisition discussions. Though GenMark hasn’t made any public statements about the report at this point.
According to Cowen, the company could be a “solid fit” for large diagnostics firms, including Hologic, Becton Dickinson, Thermo Fisher Scientific, and Roche. A deal price in the range of $20 to $25 per share “appears reasonable,” analysts including Doug Schenkel wrote in a research note.
GenMark expects to report revenue of about $171 million for 2020, a 95% increase from a year ago.
According to the data compiled, Fidelity Investments, BlackRock Inc., and Vanguard Group are among GNMK’s top shareholders.
GenMark sale could potentially add to a wave of deal making activity among diagnostics companies, which have benefitted from the surge in demand for coronavirus testing.
Price Action: GNMK shares moved 26.3% higher at $21.29 in trading hours on the last check Thursday.