Zacks Investment Research upgraded shares of Accelerate Diagnostics Inc. (NASDAQ:AXDX) from a sell rating to a hold rating in a report published on Monday.
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 analysts also recently issued reports on the company. BTIG Research raised Accelerate Diagnostics from a neutral rating to a buy rating in a research note on Thursday, August 25th. JPMorgan Chase & Co. lifted their target price on Accelerate Diagnostics from $17.00 to $25.00 and gave the company an overweight rating in a research note on Tuesday, August 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Accelerate Diagnostics presently has an average rating of Buy and a consensus target price of $25.33.
Shares of Accelerate Diagnostics (NASDAQ:AXDX) opened at 26.90 on Monday. The company has a 50-day moving average price of $25.54 and a 200-day moving average price of $18.24. The stock’s market cap is $1.38 billion. Accelerate Diagnostics has a 52 week low of $10.29 and a 52 week high of $28.50.
Hedge funds have recently added to or reduced their stakes in the company. Fairfield Bush & CO. increased its stake in Accelerate Diagnostics by 3.3% in the first quarter. Fairfield Bush & CO. now owns 18,875 shares of the company’s stock worth $271,000 after buying an additional 600 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Accelerate Diagnostics during the first quarter worth about $1,019,000. Nuveen Asset Management LLC increased its stake in Accelerate Diagnostics by 13.8% in the first quarter. Nuveen Asset Management LLC now owns 620,541 shares of the company’s stock worth $8,917,000 after buying an additional 75,220 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Accelerate Diagnostics by 2.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 17,271 shares of the company’s stock worth $248,000 after buying an additional 437 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Accelerate Diagnostics by 12.0% in the first quarter. Royal Bank of Canada now owns 17,485 shares of the company’s stock worth $251,000 after buying an additional 1,870 shares during the last quarter. 35.62% of the stock is currently owned by institutional investors and hedge funds.
About Accelerate Diagnostics
Accelerate Diagnostics, Inc is an in vitro diagnostics company engaged in providing solutions that improve patient outcomes and lower healthcare costs through the diagnosis of serious infections. The Company’s technology platform is built to address these challenges by delivering testing of infectious pathogens in various patient sample types.