Canaccord Genuity reissued their hold rating on shares of Abaxis (NASDAQ:ABAX) in a research report released on Tuesday morning. The brokerage currently has a $55.00 price target on the medical research company’s stock.
A number of other research firms also recently commented on ABAX. Zacks Investment Research downgraded shares of Abaxis from a hold rating to a sell rating in a research report on Monday, January 8th. UBS Group raised shares of Abaxis from an underperform rating to a market perform rating in a research report on Tuesday, January 9th. Raymond James Financial raised shares of Abaxis from an underperform rating to a market perform rating in a research report on Tuesday, January 9th. Northcoast Research raised shares of Abaxis from a neutral rating to a buy rating in a research report on Friday, January 5th. Finally, BidaskClub raised shares of Abaxis from a sell rating to a hold rating in a research report on Thursday, December 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Abaxis currently has a consensus rating of Hold and an average target price of $49.63.
Abaxis (NASDAQ:ABAX) traded down $0.18 during midday trading on Tuesday, hitting $60.81. 270,500 shares of the company were exchanged, compared to its average volume of 238,525. The stock has a market cap of $1,384.29, a P/E ratio of 50.68 and a beta of 0.86. Abaxis has a 1 year low of $43.66 and a 1 year high of $63.18.
Abaxis declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 24th that allows the company to buyback $21.00 million in outstanding shares. This buyback authorization allows the medical research company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
A number of institutional investors have recently modified their holdings of the business. Schwab Charles Investment Management Inc. grew its position in Abaxis by 21.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 111,019 shares of the medical research company’s stock worth $5,498,000 after purchasing an additional 19,780 shares during the last quarter. Bank of Montreal Can grew its position in Abaxis by 44.3% during the 4th quarter. Bank of Montreal Can now owns 5,629 shares of the medical research company’s stock worth $278,000 after purchasing an additional 1,727 shares during the last quarter. Cetera Investment Advisers purchased a new position in Abaxis during the 3rd quarter worth $263,000. Stifel Financial Corp grew its position in Abaxis by 12.2% during the 3rd quarter. Stifel Financial Corp now owns 26,512 shares of the medical research company’s stock worth $1,183,000 after purchasing an additional 2,878 shares during the last quarter. Finally, OxFORD Asset Management LLP purchased a new position in Abaxis during the 3rd quarter worth $357,000. 97.66% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY WARNING: “Abaxis’ (ABAX) Hold Rating Reiterated at Canaccord Genuity” was originally posted by Week Herald and is the sole property of of Week Herald. If you are accessing this story on another domain, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The legal version of this story can be accessed at https://weekherald.com/2018/01/19/abaxis-abax-hold-rating-reiterated-at-canaccord-genuity.html.
Abaxis Company Profile
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
Receive News & Ratings for Abaxis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abaxis and related companies with MarketBeat.com's FREE daily email newsletter.