Bio-Rad Laboratories (NYSE:BIO) Shares Gap Up – Here’s What Happened

Bio-Rad Laboratories, Inc. (NYSE:BIO) gapped up before the market opened on Monday . The stock had previously closed at $247.53, but opened at $274.72. Bio-Rad Laboratories shares last traded at $273.8710, with a volume of 133,498 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BIO shares. Wells Fargo & Company reduced their price target on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Bio-Rad Laboratories from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 6th. Citigroup lowered Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $375.00 to $300.00 in a research report on Tuesday, April 7th. Royal Bank Of Canada began coverage on shares of Bio-Rad Laboratories in a report on Friday. They set an “outperform” rating and a $320.00 price objective on the stock. Finally, Wall Street Zen cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories currently has a consensus rating of “Hold” and an average price target of $303.33.

Bio-Rad Laboratories Trading Up 11.8%

The firm has a market cap of $7.40 billion, a P/E ratio of 45.63 and a beta of 1.06. The business has a 50 day moving average of $273.25 and a two-hundred day moving average of $293.31. The company has a current ratio of 3.21, a quick ratio of 2.37 and a debt-to-equity ratio of 0.12.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, April 30th. The medical research company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.97 by ($0.08). Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.The company had revenue of $592.10 million for the quarter, compared to the consensus estimate of $589.91 million. During the same period in the previous year, the firm posted $2.54 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts predict that Bio-Rad Laboratories, Inc. will post 10.32 earnings per share for the current year.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quent Capital LLC acquired a new stake in Bio-Rad Laboratories in the 3rd quarter worth about $25,000. Danske Bank A S bought a new position in shares of Bio-Rad Laboratories during the fourth quarter worth approximately $30,000. Hollencrest Capital Management acquired a new stake in shares of Bio-Rad Laboratories in the first quarter valued at approximately $28,000. Geneos Wealth Management Inc. boosted its stake in shares of Bio-Rad Laboratories by 115.2% in the second quarter. Geneos Wealth Management Inc. now owns 142 shares of the medical research company’s stock valued at $34,000 after buying an additional 76 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Bio-Rad Laboratories in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.