Zacks Investment Research downgraded shares of Accelerate Diagnostics (NASDAQ:AXDX) from a hold rating to a sell rating in a research note issued to investors on Monday 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. “
Separately, BTIG Research cut Accelerate Diagnostics from a buy rating to a neutral rating in a research report on Wednesday, December 13th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $33.00.
Accelerate Diagnostics (AXDX) traded up $0.10 on Monday, hitting $27.95. The stock had a trading volume of 93,869 shares, compared to its average volume of 329,515. Accelerate Diagnostics has a twelve month low of $16.75 and a twelve month high of $30.45. The firm has a market capitalization of $1,550.00, a PE ratio of -23.29 and a beta of 2.18.
Accelerate Diagnostics (NASDAQ:AXDX) last posted its earnings results on Thursday, November 2nd. The medical research company reported ($0.31) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.01. Accelerate Diagnostics had a negative return on equity of 60.99% and a negative net margin of 3,085.36%. equities research analysts predict that Accelerate Diagnostics will post -1.22 earnings per share for the current year.
In other news, Director Jack W. Schuler purchased 340,964 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were acquired at an average price of $18.51 per share, with a total value of $6,311,243.64. Following the purchase, the director now directly owns 44,670 shares of the company’s stock, valued at $826,841.70. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jack W. Schuler purchased 50,000 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The shares were purchased at an average cost of $18.46 per share, for a total transaction of $923,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 487,645 shares of company stock worth $9,090,393 in the last three months. Corporate insiders own 50.00% of the company’s stock.
Several institutional investors have recently modified their holdings of AXDX. Legal & General Group Plc raised its position in shares of Accelerate Diagnostics by 31.7% during the 2nd quarter. Legal & General Group Plc now owns 6,748 shares of the medical research company’s stock worth $184,000 after purchasing an additional 1,625 shares during the last quarter. Quantbot Technologies LP acquired a new position in Accelerate Diagnostics in the 2nd quarter valued at $228,000. UBS Asset Management Americas Inc. acquired a new position in Accelerate Diagnostics in the 2nd quarter valued at $243,000. Intl Fcstone Inc. acquired a new position in Accelerate Diagnostics in the 2nd quarter valued at $322,000. Finally, Mutual of America Capital Management LLC acquired a new position in Accelerate Diagnostics in the 2nd quarter valued at $332,000. Hedge funds and other institutional investors own 47.89% of the company’s stock.
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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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