Accelerate Diagnostics (AXDX) Price Target Lowered to $17.00 at Piper Jaffray Companies

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Accelerate Diagnostics (NASDAQ:AXDX) had its target price cut by equities researchers at Piper Jaffray Companies to $17.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 8.49% from the company’s previous close.

Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Accelerate Diagnostics from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Monday, November 12th. BidaskClub lowered shares of Accelerate Diagnostics from a “buy” rating to a “hold” rating in a research report on Wednesday, September 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $17.50.

AXDX stock opened at $15.67 on Friday. The firm has a market cap of $815.69 million, a P/E ratio of -13.51 and a beta of 2.51. The company has a current ratio of 35.26, a quick ratio of 33.54 and a debt-to-equity ratio of 1.52. Accelerate Diagnostics has a one year low of $10.23 and a one year high of $30.35.

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

In related news, Director Thomas D. Brown acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, November 28th. The shares were acquired at an average cost of $13.65 per share, with a total value of $136,500.00. Following the completion of the acquisition, the director now directly owns 16,381 shares in the company, valued at approximately $223,600.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have purchased 21,600 shares of company stock worth $308,301. 49.30% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of AXDX. Griffin Asset Management Inc. purchased a new position in Accelerate Diagnostics during the third quarter valued at $5,804,000. FMR LLC lifted its holdings in Accelerate Diagnostics by 97.8% during the second quarter. FMR LLC now owns 486,500 shares of the medical research company’s stock valued at $10,849,000 after purchasing an additional 240,600 shares in the last quarter. Blair William & Co. IL lifted its holdings in Accelerate Diagnostics by 36.2% during the third quarter. Blair William & Co. IL now owns 878,655 shares of the medical research company’s stock valued at $20,165,000 after purchasing an additional 233,408 shares in the last quarter. Credit Suisse AG lifted its holdings in Accelerate Diagnostics by 5.0% during the third quarter. Credit Suisse AG now owns 3,653,892 shares of the medical research company’s stock valued at $83,856,000 after purchasing an additional 173,289 shares in the last quarter. Finally, Chicago Capital LLC lifted its holdings in Accelerate Diagnostics by 17.1% during the third quarter. Chicago Capital LLC now owns 630,053 shares of the medical research company’s stock valued at $14,460,000 after purchasing an additional 91,862 shares in the last quarter. 48.52% of the stock is currently owned by institutional investors and hedge funds.

About Accelerate Diagnostics

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.

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