NEW YORK (TheStreet) -- Shares of GenMark Diagnostics (GNMK) - Get Report  were surging 20.41% to $10.62 on heavy trading volume late-afternoon Friday as Cowen raised the company's stock rating to "outperform" from "market perform."

The firm also boost the Carlsbad, CA-based molecular diagnostic company's price target to $17 from $10, citing channel checks that indicate its ePlex is "performing robustly" among early adopters in the European Union, according to TheFly.

GenMark's ePlex is a device used to test for infectious diseases. 

Cowen added that it's always liked ePlex's market opportunity and that the device seems to be "ready to go" after a long period of delays. 

GenMark plans to submit its ePlex device for FDA approval during the fiscal 2016 fourth quarter, TheFly reports. Cowen said it's possible that the submission could be delayed until early 2017, but it will generate little negative revenue impact. 

The firm said investors should start accumulating a position on GenMark now before sentiment is muted. 

About 2.33 million of the company's shares have changed hands so far today vs. its average volume of 340,870 shares per day. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The team rates GenMark as a Sell with a ratings score of D. This is driven by multiple weaknesses, which it believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, feeble growth in its earnings per share and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here:


GNMK data by YCharts

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