Accelerate Diagnostics (NASDAQ:AXDX) Downgraded to Hold at 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 sent to investors on Wednesday, Zacks.com reports.

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 firms have also weighed in on AXDX. BidaskClub raised Xilinx from a hold rating to a buy rating in a research report on Saturday, June 29th. BTIG Research reissued a hold rating on shares of Accelerate Diagnostics in a research report on Sunday, May 12th. Finally, ValuEngine raised Zogenix from a buy rating to a strong-buy rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Accelerate Diagnostics has an average rating of Hold and a consensus target price of $19.67.

Shares of Accelerate Diagnostics stock opened at $19.05 on Wednesday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -11.76 and a beta of 2.84. Accelerate Diagnostics has a 12-month low of $10.23 and a 12-month high of $24.75. The company has a quick ratio of 24.03, a current ratio of 25.36 and a debt-to-equity ratio of 2.86. The stock’s fifty day moving average is $20.60.

Accelerate Diagnostics (NASDAQ:AXDX) last posted its quarterly earnings results on Thursday, May 9th. The medical research company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.03. The firm had revenue of $1.75 million for the quarter, compared to analyst estimates of $2.12 million. Accelerate Diagnostics had a negative return on equity of 130.94% and a negative net margin of 1,352.80%. As a group, equities analysts anticipate that Accelerate Diagnostics will post -1.6 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of AXDX. Reilly Financial Advisors LLC purchased a new position in Accelerate Diagnostics in the first quarter valued at about $32,000. Legal & General Group Plc grew its stake in Accelerate Diagnostics by 45.2% in the fourth quarter. Legal & General Group Plc now owns 5,995 shares of the medical research company’s stock valued at $69,000 after purchasing an additional 1,866 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its stake in Accelerate Diagnostics by 331.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 8,727 shares of the medical research company’s stock valued at $100,000 after purchasing an additional 6,704 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in Accelerate Diagnostics by 30,942.9% in the first quarter. BNP Paribas Arbitrage SA now owns 6,519 shares of the medical research company’s stock valued at $137,000 after purchasing an additional 6,498 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Accelerate Diagnostics by 6.2% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 14,392 shares of the medical research company’s stock valued at $303,000 after purchasing an additional 836 shares in the last quarter. 50.58% 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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