Zacks Investment Research Downgrades Alere Inc (ALR) to Strong Sell

Alere Inc (NYSE:ALR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.

According to Zacks, “Alere Inc., formerly known as Inverness Medical Innovations, Inc., provides products and services, which focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Alere is headquartered in Waltham, Massachusetts. “

ALR has been the subject of a number of other reports. Canaccord Genuity reiterated a “buy” rating and issued a $51.00 price objective (down from $52.00) on shares of Alere in a report on Monday. Jefferies Group LLC decreased their price target on shares of Alere from $56.00 to $51.00 and set a “hold” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Alere currently has a consensus rating of “Hold” and a consensus price target of $49.60.

Analyst Recommendations for Alere (NYSE:ALR)

Shares of Alere (NYSE:ALR) traded down 0.12% on Wednesday, reaching $48.94. The company had a trading volume of 4,802,948 shares. The stock’s market capitalization is $4.26 billion. The company has a 50 day moving average price of $39.93 and a 200 day moving average price of $40.00. Alere has a 52-week low of $31.47 and a 52-week high of $49.42.

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Several hedge funds and other institutional investors have recently made changes to their positions in ALR. Acrospire Investment Management LLC bought a new position in shares of Alere during the third quarter worth approximately $125,000. BlackRock Japan Co. Ltd bought a new position in shares of Alere during the third quarter worth approximately $152,000. Fred Alger Management Inc. bought a new position in shares of Alere during the fourth quarter worth approximately $156,000. Glassman Wealth Services bought a new position in shares of Alere during the fourth quarter worth approximately $161,000. Finally, Soros Fund Management LLC bought a new position in shares of Alere during the fourth quarter worth approximately $207,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Alere Company Profile

Alere Inc is a provider of health information through diagnostic tests. The Company’s segments include professional diagnostics, consumer diagnostics, and corporate and other. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.

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