Accelerate Diagnostics (NASDAQ:AXDX) Rating Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Accelerate Diagnostics (NASDAQ:AXDX) from a buy rating to a hold rating in a research note released on Wednesday, BidAskClub reports.

Several other analysts have also recently weighed in on the company. ValuEngine raised Accelerate Diagnostics from a hold rating to a buy rating in a research report on Thursday, April 2nd. Zacks Investment Research cut Accelerate Diagnostics from a buy rating to a hold rating in a research report on Wednesday, July 15th. Finally, Piper Sandler cut their price objective on Accelerate Diagnostics from $16.00 to $14.00 and set an overweight rating on the stock in a research report on Monday, May 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Accelerate Diagnostics has an average rating of Hold and an average target price of $15.25.

Shares of NASDAQ:AXDX opened at $14.53 on Wednesday. Accelerate Diagnostics has a 1 year low of $4.53 and a 1 year high of $22.13. The company has a market cap of $803.07 million, a PE ratio of -9.50 and a beta of 2.92. The stock’s 50-day moving average is $14.52 and its 200 day moving average is $12.37.

Accelerate Diagnostics (NASDAQ:AXDX) last announced its quarterly earnings results on Thursday, May 7th. The medical research company reported ($0.39) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.39). The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $2.40 million. Accelerate Diagnostics had a negative return on equity of 5,681.44% and a negative net margin of 845.43%. Equities research analysts anticipate that Accelerate Diagnostics will post -1.42 earnings per share for the current fiscal year.

In other news, insider Romney Humphries sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $12.00, for a total value of $36,000.00. Following the sale, the insider now directly owns 4,000 shares of the company’s stock, valued at approximately $48,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jack W. Schuler purchased 20,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $9.99 per share, for a total transaction of $199,800.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 526,574 shares of company stock worth $5,036,806. Insiders own 44.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of AXDX. Bank of New York Mellon Corp lifted its position in Accelerate Diagnostics by 1.4% in the 1st quarter. Bank of New York Mellon Corp now owns 120,755 shares of the medical research company’s stock valued at $1,005,000 after acquiring an additional 1,644 shares in the last quarter. Victory Capital Management Inc. lifted its position in Accelerate Diagnostics by 29.8% in the 4th quarter. Victory Capital Management Inc. now owns 7,639 shares of the medical research company’s stock valued at $129,000 after acquiring an additional 1,755 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in Accelerate Diagnostics in the 4th quarter valued at approximately $33,000. Citigroup Inc. raised its stake in Accelerate Diagnostics by 44.2% during the 1st quarter. Citigroup Inc. now owns 8,748 shares of the medical research company’s stock valued at $73,000 after buying an additional 2,682 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Accelerate Diagnostics by 22.6% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,143 shares of the medical research company’s stock valued at $151,000 after buying an additional 3,350 shares during the last quarter. 52.99% of the stock is currently owned by hedge funds and other institutional investors.

Accelerate Diagnostics Company Profile

Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States, Europe, and the Middle East. 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.

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