Accelerate Diagnostics, Inc. (AXDX) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research cut shares of Accelerate Diagnostics, Inc. (NASDAQ:AXDX) from a hold rating to a sell rating in a report released on Tuesday.
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 research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Accelerate Diagnostics from a buy rating to a hold rating in a research note on Saturday, July 1st. BTIG Research reiterated a buy rating and set a $34.00 price target on shares of Accelerate Diagnostics in a report on Wednesday, July 12th. Piper Jaffray Companies reissued an overweight rating and issued a $32.00 price objective (up previously from $30.00) on shares of Accelerate Diagnostics in a research report on Monday, June 5th. Finally, ValuEngine lowered shares of Accelerate Diagnostics from a hold rating to a sell rating in a research report on Friday, August 11th. Three analysts have rated the stock with a sell rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $33.00.
Shares of Accelerate Diagnostics (AXDX) traded up 0.563% during trading on Tuesday, hitting $22.325. The company’s stock had a trading volume of 203,238 shares. The stock’s market cap is $1.16 billion. The company has a 50-day moving average price of $22.76 and a 200-day moving average price of $25.59. Accelerate Diagnostics has a one year low of $19.20 and a one year high of $30.45.
Accelerate Diagnostics (NASDAQ:AXDX) last announced its quarterly earnings results on Thursday, August 3rd. The medical research company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.01). Accelerate Diagnostics had a negative net margin of 5,062.48% and a negative return on equity of 67.44%. The firm had revenue of $0.70 million during the quarter, compared to analysts’ expectations of $1.40 million. Equities analysts predict that Accelerate Diagnostics will post ($1.20) EPS for the current fiscal year.
In other news, insider Lawrence Mehren sold 223,215 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $22.40, for a total transaction of $5,000,016.00. Following the completion of the sale, the insider now owns 762,381 shares in the company, valued at approximately $17,077,334.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack W. Schuler bought 50,000 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were purchased at an average price of $21.45 per share, with a total value of $1,072,500.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 161,600 shares of company stock worth $3,461,560. 51.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AXA acquired a new position in shares of Accelerate Diagnostics during the 2nd quarter valued at $8,441,000. FMR LLC acquired a new position in shares of Accelerate Diagnostics during the first quarter worth about $7,260,000. Russell Investments Group Ltd. acquired a new position in shares of Accelerate Diagnostics during the second quarter worth about $7,616,000. Credit Suisse AG lifted its stake in shares of Accelerate Diagnostics by 138.4% during the first quarter. Credit Suisse AG now owns 413,131 shares of the medical research company’s stock worth $9,998,000 after purchasing an additional 239,803 shares in the last quarter. Finally, Artal Group S.A. acquired a new position in shares of Accelerate Diagnostics during the second quarter worth about $5,470,000. Institutional investors own 44.43% of the company’s stock.
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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