Why Three Biotech Stocks Are Getting Pounded Alongside A Financial Stock Today

Shares of GenMark Diagnostics, Inc (NASDAQ:GNMK) fell sharply during the first hour of trading today, but later managed to stage a comeback, leaving them currently down by 10%. The market reacted negatively to the company’s latest financial report despite the fact that revenues and profits beat estimates. GenMark registered $8.5 million in revenues and a loss of $0.27 per share, while Wall Street was expecting revenues of $8.3 million and a loss per share of $0.31. This just adds salt to the stock’s wounds, as it has been steadily declining this year, down by more than 50% in 2015, culminating with it hitting a new low today.

GenMark Diagnostics, Inc (NASDAQ:GNMK) gained some popularity among elite funds during the second quarter, as the number of funds reporting long positions in GenMark as of the end of the second quarter stood at 13, up from nine as of the end of the first quarter. Their aggregate holdings account for 15% of the company’s outstanding stock and were valued at $57.7 million. Phill Gross and Robert Atchinson are big fans of the stock, boosting their investment by 11% to amass roughly 2.02 million shares, as reported in Adage Capital Management’s latest 13F filing.

The series of poor financial results is continued by EverBank Financial Corp (NYSE:EVER), which missed Wall Street’s revenues estimate by a mile. The company posted $210 million in revenues for the third quarter, well below estimates of $244.5 million, while its net income of $0.21 per share also missed the consensus of $0.23 per share. EverBank Financial Corp (NYSE:EVER)’s management lamented the “difficult market environment” and unusual items it incurred, but is confident in its ability to make up for it during the fourth quarter. None of the hedge funds we track reported ownership of this stock as of the end of the second quarter.

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