Zacks Investment Research lowered shares of Accelerate Diagnostics (NASDAQ:AXDX) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Accelerate Diagnostics, Inc. is focused on developing and commercializing instrumentation for the rapid identification and antibiotic susceptibility testing of infectious pathogens. The company is developing BACcel(TM) system, a rapid diagnostic platform for diagnosis in life-threatening bacterial infections and OptiChem(R) surface coatings for use in micro arraying components. Accelerate Diagnostics Inc., formerly known as Accelr8 Technology Corp., is based in Denver, Colorado. “
Other research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Accelerate Diagnostics from a strong sell rating to a sell rating in a report on Saturday, January 5th. JPMorgan Chase & Co. cut shares of Accelerate Diagnostics from an overweight rating to a neutral rating and decreased their target price for the stock from $25.00 to $16.00 in a report on Wednesday, November 7th. Finally, ValuEngine cut shares of Accelerate Diagnostics from a hold rating to a sell rating in a report on Tuesday, November 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $17.50.
Shares of NASDAQ:AXDX traded down $0.44 during trading hours on Tuesday, hitting $15.23. 6,636 shares of the company’s stock traded hands, compared to its average volume of 368,534. Accelerate Diagnostics has a 52 week low of $10.23 and a 52 week high of $30.35. The company has a current ratio of 35.26, a quick ratio of 33.54 and a debt-to-equity ratio of 1.52. The firm has a market cap of $815.69 million, a price-to-earnings ratio of -12.97 and a beta of 2.51.
Accelerate Diagnostics (NASDAQ:AXDX) last posted its quarterly earnings data on Tuesday, November 6th. The medical research company reported ($0.41) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.41). Accelerate Diagnostics had a negative net margin of 1,365.75% and a negative return on equity of 81.76%. The company had revenue of $1.36 million during the quarter, compared to analyst estimates of $2.89 million. On average, research analysts forecast that Accelerate Diagnostics will post -1.61 earnings per share for the current year.
In other news, Director Thomas D. Brown bought 10,000 shares of the firm’s stock in a transaction on Wednesday, November 28th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $136,500.00. Following the completion of the acquisition, the director now directly owns 16,381 shares in the company, valued at approximately $223,600.65. The purchase was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders acquired 21,600 shares of company stock valued at $308,301. Corporate insiders own 49.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. SRS Capital Advisors Inc. purchased a new stake in shares of Accelerate Diagnostics in the third quarter worth approximately $115,000. HAP Trading LLC purchased a new stake in shares of Accelerate Diagnostics in the third quarter worth approximately $270,000. Man Group plc purchased a new stake in shares of Accelerate Diagnostics in the third quarter worth approximately $313,000. MetLife Investment Advisors LLC lifted its position in shares of Accelerate Diagnostics by 59.1% in the third quarter. MetLife Investment Advisors LLC now owns 18,052 shares of the medical research company’s stock worth $414,000 after purchasing an additional 6,704 shares in the last quarter. Finally, Trellus Management Company LLC purchased a new stake in shares of Accelerate Diagnostics in the third quarter worth approximately $566,000. 48.52% of the stock is owned by institutional investors and hedge funds.
Accelerate Diagnostics Company Profile
Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States. It offers Accelerate Pheno system, an in vitro diagnostic platform for the identification and antibiotic susceptibility testing of pathogens associated with serious or health care-associated infections, including gram-positive and gram-negative organisms, as well as yeast.
Further Reading: Quiet Period
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