Zacks Investment Research downgraded shares of Accelerate Diagnostics (NASDAQ:AXDX) from a hold rating to a sell rating in a research note released on Monday.
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 shares of 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 assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $33.00.
Accelerate Diagnostics (NASDAQ:AXDX) last announced its quarterly earnings results on Thursday, November 2nd. The medical research company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.01. Accelerate Diagnostics had a negative net margin of 3,085.36% and a negative return on equity of 60.99%. analysts predict that Accelerate Diagnostics will post -1.22 EPS for the current year.
In related news, Director Jack W. Schuler purchased 50,000 shares of Accelerate Diagnostics stock in a transaction dated Wednesday, November 8th. The shares were acquired at an average price of $18.46 per share, with a total value of $923,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jack W. Schuler purchased 51,181 shares of Accelerate Diagnostics stock in a transaction dated Friday, November 10th. The shares were bought at an average cost of $18.67 per share, for a total transaction of $955,549.27. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 487,645 shares of company stock valued at $9,090,393. 50.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Legal & General Group Plc lifted its position in shares of Accelerate Diagnostics by 31.7% during the second 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 stake in Accelerate Diagnostics during the second quarter worth about $228,000. UBS Asset Management Americas Inc. acquired a new stake in Accelerate Diagnostics during the second quarter worth about $243,000. Intl Fcstone Inc. acquired a new stake in Accelerate Diagnostics during the second quarter worth about $322,000. Finally, Mutual of America Capital Management LLC acquired a new stake in Accelerate Diagnostics during the second quarter worth about $332,000. 47.89% of the stock is currently owned by institutional investors and hedge funds.
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Accelerate Diagnostics Company Profile
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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