Accelerate Diagnostics Inc. (NASDAQ:AXDX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 analysts have also commented on the company. BTIG Research raised Accelerate Diagnostics from a “neutral” rating to a “buy” rating in a report on Thursday, August 25th. JPMorgan Chase & Co. raised their price objective on Accelerate Diagnostics from $17.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Accelerate Diagnostics presently has a consensus rating of “Buy” and a consensus target price of $25.33.
Accelerate Diagnostics (NASDAQ:AXDX) traded up 0.63% during mid-day trading on Tuesday, reaching $27.18. The company had a trading volume of 162,116 shares. The stock’s market capitalization is $1.39 billion. The stock has a 50 day moving average of $23.76 and a 200 day moving average of $17.03. Accelerate Diagnostics has a 52 week low of $10.29 and a 52 week high of $28.50.
In other news, Director Jack W. Schuler purchased 90,147 shares of the stock in a transaction dated Thursday, June 30th. The shares were purchased at an average cost of $13.95 per share, with a total value of $1,257,550.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 51.40% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of AXDX. Blair William & Co. IL raised its stake in shares of Accelerate Diagnostics by 243.4% in the second quarter. Blair William & Co. IL now owns 268,704 shares of the company’s stock worth $3,867,000 after buying an additional 190,459 shares in the last quarter. Oaktop Capital Management II L.P. purchased a new stake in shares of Accelerate Diagnostics during the second quarter worth about $1,799,000. Nuveen Asset Management LLC raised its stake in shares of Accelerate Diagnostics by 14.5% in the second quarter. Nuveen Asset Management LLC now owns 710,571 shares of the company’s stock worth $10,225,000 after buying an additional 90,030 shares in the last quarter. Barclays PLC raised its stake in shares of Accelerate Diagnostics by 137,400.0% in the second quarter. Barclays PLC now owns 86,625 shares of the company’s stock worth $1,247,000 after buying an additional 86,562 shares in the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Accelerate Diagnostics during the second quarter worth about $1,099,000. 35.62% 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 improve patient outcomes and lower healthcare costs through the diagnosis of serious infections. The Company’s technology platform is built to address these challenges by delivering testing of infectious pathogens in various patient sample types.
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