Zacks Investment Research downgraded shares of Accelerate Diagnostics, Inc. (NASDAQ:AXDX) from a buy rating to a hold rating in a 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. “
Several other equities research analysts also recently issued reports on the stock. Piper Jaffray Companies reaffirmed an overweight rating and set a $32.00 price target (up previously from $30.00) on shares of Accelerate Diagnostics in a research note on Monday, June 5th. BTIG Research reaffirmed a buy rating and set a $34.00 price target on shares of Accelerate Diagnostics in a research note on Wednesday, May 17th. Finally, BidaskClub raised shares of Accelerate Diagnostics from a hold rating to a buy rating in a research note on Friday, June 23rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $31.00.
Shares of Accelerate Diagnostics (NASDAQ:AXDX) opened at 27.40 on Tuesday. The stock’s 50 day moving average price is $27.97 and its 200-day moving average price is $24.71. The stock’s market cap is $1.43 billion. Accelerate Diagnostics has a 52-week low of $16.53 and a 52-week high of $30.45.
Accelerate Diagnostics (NASDAQ:AXDX) last issued its earnings results on Friday, May 5th. The medical research company reported ($0.27) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.07. Accelerate Diagnostics had a negative net margin of 11,158.43% and a negative return on equity of 76.35%. The business had revenue of $0.50 million for the quarter, compared to the consensus estimate of $0.60 million. On average, analysts predict that Accelerate Diagnostics will post ($1.18) earnings per share for the current fiscal year.
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In related news, insider Steven Reichling sold 30,000 shares of Accelerate Diagnostics stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $28.90, for a total transaction of $867,000.00. Following the sale, the insider now owns 30,700 shares of the company’s stock, valued at approximately $887,230. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 51.40% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. FMR LLC purchased a new stake in Accelerate Diagnostics during the first quarter valued at about $7,260,000. Credit Suisse AG increased its stake in Accelerate Diagnostics by 138.4% in the first quarter. Credit Suisse AG now owns 413,131 shares of the medical research company’s stock valued at $9,998,000 after buying an additional 239,803 shares during the period. Kornitzer Capital Management Inc. KS purchased a new stake in Accelerate Diagnostics during the first quarter valued at about $5,591,000. Loomis Sayles & Co. L P increased its stake in Accelerate Diagnostics by 25.2% in the first quarter. Loomis Sayles & Co. L P now owns 679,030 shares of the medical research company’s stock valued at $16,433,000 after buying an additional 136,770 shares during the period. Finally, Vanguard Group Inc. increased its stake in Accelerate Diagnostics by 10.3% in the first quarter. Vanguard Group Inc. now owns 1,159,421 shares of the medical research company’s stock valued at $28,058,000 after buying an additional 107,977 shares during the period. 37.31% of the stock is currently owned by hedge funds and other institutional investors.
About Accelerate Diagnostics
Accelerate Diagnostics, Inc is an in vitro diagnostics company engaged in providing solutions that develop patient outcomes through the diagnosis of serious infections. The Company’s in vitro diagnostic platform, the Accelerate Pheno system utilizes genotypic technology to identify (ID), infectious pathogens and phenotypic technology to conduct antibiotic susceptibility testing (AST), which determines whether live bacterial or fungal cells are resistant or susceptible to a particular antibiotic.
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