Accelerate Diagnostics (AXDX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Accelerate Diagnostics (NASDAQ:AXDX) from a buy rating to a hold rating in a research report report published on Tuesday morning.

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 hold rating to a sell rating in a research report on Friday, October 5th. JPMorgan Chase & Co. downgraded shares of Accelerate Diagnostics from an overweight rating to a neutral rating and dropped their target price for the stock from $25.00 to $16.00 in a research report on Wednesday, November 7th. Finally, ValuEngine downgraded shares of Accelerate Diagnostics from a hold rating to a sell rating in a research report on Tuesday, November 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Accelerate Diagnostics presently has an average rating of Hold and an average target price of $17.50.

NASDAQ AXDX opened at $15.03 on Tuesday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 33.54 and a current ratio of 35.26. Accelerate Diagnostics has a 12 month low of $10.23 and a 12 month high of $30.35. The company has a market capitalization of $815.69 million, a P/E ratio of -12.96 and a beta of 2.51.

Accelerate Diagnostics (NASDAQ:AXDX) last released its earnings results on Tuesday, November 6th. The medical research company reported ($0.41) EPS for the quarter, hitting analysts’ consensus estimates of ($0.41). The business had revenue of $1.36 million for the quarter, compared to the consensus estimate of $2.89 million. Accelerate Diagnostics had a negative net margin of 1,365.75% and a negative return on equity of 81.76%. On average, research analysts expect that Accelerate Diagnostics will post -1.61 EPS for the current fiscal year.

In other news, Director John Patience bought 10,000 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were acquired at an average cost of $14.96 per share, with a total value of $149,600.00. Following the completion of the transaction, the director now directly owns 44,670 shares in the company, valued at approximately $668,263.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders bought 21,600 shares of company stock worth $308,301. 49.30% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. purchased a new position in Accelerate Diagnostics during the third quarter valued at approximately $115,000. HAP Trading LLC purchased a new position in Accelerate Diagnostics during the third quarter valued at approximately $270,000. Man Group plc purchased a new position in Accelerate Diagnostics during the third quarter valued at approximately $313,000. MetLife Investment Advisors LLC grew its position in Accelerate Diagnostics by 59.1% during the third quarter. MetLife Investment Advisors LLC now owns 18,052 shares of the medical research company’s stock valued at $414,000 after purchasing an additional 6,704 shares in the last quarter. Finally, Trellus Management Company LLC purchased a new position in Accelerate Diagnostics during the third quarter valued at approximately $566,000. 48.52% of the stock is currently owned by institutional investors and hedge funds.

Accelerate Diagnostics Company Profile

Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States. It offers Accelerate Pheno system, an in vitro diagnostic platform for the identification and antibiotic susceptibility testing of pathogens associated with serious or health care-associated infections, including gram-positive and gram-negative organisms, as well as yeast.

See Also: Net Income

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