BIOLASE (NASDAQ:BIOL) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of BIOLASE (NASDAQ:BIOL) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $1.50 price objective on the medical technology company’s stock.

According to Zacks, “Biolaw Technology, Inc. is the world’s leading dental laser company, is a medical technology company that develops, manufactures and markets lasers and related products focused on technologies that advance the practice of dentistry and medicine. The Company’s products incorporate patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. BIOLASE’s principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. Other products under development address ophthalmology and other medical and consumer markets. “

A number of other research analysts have also recently issued reports on BIOL. ValuEngine upgraded shares of BIOLASE from a hold rating to a buy rating in a report on Thursday. Benchmark initiated coverage on shares of BIOLASE in a report on Wednesday, June 19th. They set a speculative buy rating and a $2.00 price objective for the company. Dougherty & Co reiterated a buy rating on shares of BIOLASE in a report on Tuesday, April 30th. Finally, Ascendiant Capital Markets set a $3.00 price objective on shares of BIOLASE and gave the company a buy rating in a report on Monday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $2.17.

Shares of NASDAQ BIOL traded down $0.02 during mid-day trading on Thursday, reaching $1.24. 4,975 shares of the company’s stock traded hands, compared to its average volume of 16,593. The stock has a market cap of $27.04 million, a P/E ratio of -1.45 and a beta of 2.03. The business has a 50-day simple moving average of $1.58 and a 200 day simple moving average of $1.95. BIOLASE has a 1-year low of $0.91 and a 1-year high of $2.87. The company has a debt-to-equity ratio of 3.51, a current ratio of 2.04 and a quick ratio of 1.11.

BIOLASE (NASDAQ:BIOL) last issued its quarterly earnings data on Thursday, August 8th. The medical technology company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The firm had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $12.76 million. BIOLASE had a negative net margin of 47.46% and a negative return on equity of 159.26%. Equities research analysts anticipate that BIOLASE will post -0.59 earnings per share for the current fiscal year.

In related news, major shareholder Larry N. Feinberg sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $1.50, for a total transaction of $1,500,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.50% of the stock is owned by company insiders.

An institutional investor recently raised its position in BIOLASE stock. BlackRock Inc. increased its position in BIOLASE Inc (NASDAQ:BIOL) by 3.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 298,875 shares of the medical technology company’s stock after purchasing an additional 9,698 shares during the quarter. BlackRock Inc. owned approximately 1.40% of BIOLASE worth $440,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 38.30% of the company’s stock.

About BIOLASE

BIOLASE, Inc, a medical device company, develops, manufactures, markets, and sells laser systems in dentistry and medicine for patients and health care professionals in the worldwide. The company offers Waterlase all-tissue dental laser systems for cutting soft and hard tissues; and diode laser systems to perform soft tissue, pain therapy, and cosmetic procedures, including teeth whitening.

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