Bio-Rad Laboratories (NYSE:BIO) Price Target Cut to $385.00 by Analysts at UBS Group

Bio-Rad Laboratories (NYSE:BIO) had its price target reduced by stock analysts at UBS Group from $420.00 to $385.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. UBS Group’s price objective suggests a potential upside of 40.81% from the company’s previous close.

Several other equities research analysts have also weighed in on the stock. StockNews.com raised shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Royal Bank of Canada cut their target price on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Finally, Citigroup cut Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their price target for the company from $400.00 to $365.00 in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Bio-Rad Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $461.00.

Bio-Rad Laboratories Price Performance

NYSE:BIO traded down $6.50 during mid-day trading on Wednesday, hitting $273.41. The company’s stock had a trading volume of 46,306 shares, compared to its average volume of 204,037. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of -12.93 and a beta of 0.94. The company has a current ratio of 5.83, a quick ratio of 4.34 and a debt-to-equity ratio of 0.14. Bio-Rad Laboratories has a fifty-two week low of $261.59 and a fifty-two week high of $431.79. The stock has a fifty day moving average of $316.40 and a 200-day moving average of $314.26.

Bio-Rad Laboratories (NYSE:BIO) last issued its earnings results on Tuesday, May 7th. The medical research company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.25. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The business had revenue of $610.82 million during the quarter, compared to analysts’ expectations of $619.09 million. During the same period in the prior year, the firm posted $3.34 EPS. Bio-Rad Laboratories’s quarterly revenue was down 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Bio-Rad Laboratories will post 10.41 EPS for the current fiscal year.

Insider Buying and Selling at Bio-Rad Laboratories

In related news, EVP Michael Crowley sold 3,000 shares of Bio-Rad Laboratories stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total value of $1,008,000.00. Following the completion of the sale, the executive vice president now directly owns 6,942 shares in the company, valued at $2,332,512. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Bio-Rad Laboratories

Large investors have recently bought and sold shares of the business. Sound Income Strategies LLC acquired a new position in shares of Bio-Rad Laboratories in the 1st quarter valued at $38,000. Gladius Capital Management LP lifted its stake in Bio-Rad Laboratories by 65.8% in the fourth quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock valued at $39,000 after buying an additional 48 shares during the period. Principal Securities Inc. acquired a new position in Bio-Rad Laboratories in the fourth quarter valued at about $41,000. GAMMA Investing LLC bought a new position in Bio-Rad Laboratories during the fourth quarter worth about $42,000. Finally, ING Groep NV acquired a new position in shares of Bio-Rad Laboratories during the 3rd quarter worth about $44,000. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.