BTIG Research Reaffirms Hold Rating for Accelerate Diagnostics (AXDX)

BTIG Research reissued their hold rating on shares of Accelerate Diagnostics (NASDAQ:AXDX) in a research note issued to investors on Sunday morning, AnalystRatings.com reports.

“Neutral AXDX reported Q1 revenue of $1.75M, short of consensus’ $1.9M forecast. Revenue was down sequentially by 4%. Although we had expected a revenue stepdown given the typical cadence of placements-to- conversions, the magnitude of the decline was less than we expected. In Q1, the company added 75 commercially contracted placements vs. 133 in 4Q18; to clarify, commercial placements refer to customers that have agreed to install and run tests (may or may not be active users). The company still sees a 4-9 month lag before instruments become active. On expectations for 2019, mgmt continues to target 300-400 placements as a full transition to the rental model and more comprehensive body of positive studies may drive up volumes.”,” the firm’s analyst wrote.

AXDX has been the subject of a number of other research reports. BidaskClub raised shares of Accelerate Diagnostics from a sell rating to a hold rating in a research report on Wednesday, January 16th. Zacks Investment Research raised shares of Accelerate Diagnostics from a sell rating to a hold rating in a research report on Monday, April 29th. Finally, Piper Jaffray Companies boosted their price objective on shares of Accelerate Diagnostics to $22.00 and gave the company an overweight rating in a research report on Wednesday, February 20th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $18.75.

Shares of NASDAQ:AXDX opened at $19.20 on Friday. The company has a quick ratio of 21.89, a current ratio of 25.36 and a debt-to-equity ratio of 2.86. Accelerate Diagnostics has a fifty-two week low of $10.23 and a fifty-two week high of $24.75. The stock has a market cap of $1.05 billion, a P/E ratio of -11.85 and a beta of 3.07.

Accelerate Diagnostics (NASDAQ:AXDX) last announced its quarterly earnings data on Thursday, May 9th. The medical research company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.03. Accelerate Diagnostics had a negative net margin of 1,352.80% and a negative return on equity of 130.94%. The business had revenue of $1.75 million during the quarter, compared to the consensus estimate of $2.12 million. On average, equities analysts expect that Accelerate Diagnostics will post -1.62 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in AXDX. Morgan Stanley grew its position in Accelerate Diagnostics by 186.5% in the 1st quarter. Morgan Stanley now owns 476,232 shares of the medical research company’s stock worth $10,010,000 after purchasing an additional 310,031 shares during the last quarter. Cadian Capital Management LP bought a new position in Accelerate Diagnostics in the 1st quarter worth about $6,264,000. Amundi Pioneer Asset Management Inc. grew its position in Accelerate Diagnostics by 33.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 991,090 shares of the medical research company’s stock worth $11,397,000 after purchasing an additional 246,000 shares during the last quarter. Raging Capital Management LLC bought a new position in Accelerate Diagnostics in the 4th quarter worth about $2,518,000. Finally, Griffin Asset Management Inc. grew its position in Accelerate Diagnostics by 72.6% in the 4th quarter. Griffin Asset Management Inc. now owns 436,519 shares of the medical research company’s stock worth $5,020,000 after purchasing an additional 183,626 shares during the last quarter. 48.87% of the stock is owned by institutional investors and hedge funds.

About Accelerate Diagnostics

Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States, Europe, and the Middle East. 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.

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