Alere’s (ALR) Hold Rating Reiterated at BTIG Research
Alere Inc (NYSE:ALR)‘s stock had its “hold” rating restated by research analysts at BTIG Research in a report released on Wednesday.
The analysts wrote, “Continued Growth in Infectious Disease Business Yesterday, Alere filed its preliminary unaudited 10-K and proxy statements following review of matters in South Korea and Japan, and expects to file their Form 10-K by June 15th, 2017. The preliminary financial statements included 4Q16 and FY2016 results, as well as re- statements for revenue recognition during 2014, 2015, and 2016. Topline preliminary 1Q17 financial results were also provided. The filing of the proxy indicates a decoupling process versus the 10-K filing, allowing the shareholder meeting to likely occur between mid-to-late July. The company must resolve outstanding accounting issues and file the 10K by June 15 th or face another negotiation with the creditors and bond holders. We remain Neutral as we continue to think that the deal with Abbott (ABT, Buy, $50PT) will close at the stated terms of $51 per share later this year.””
Other research analysts have also issued research reports about the company. Craig Hallum lowered Alere from a “buy” rating to a “hold” rating in a report on Monday, May 15th. Jefferies Group LLC reduced their price target on Alere from $56.00 to $51.00 and set a “hold” rating on the stock in a report on Monday, April 17th. Canaccord Genuity reiterated a “buy” rating and set a $51.00 price target (down previously from $52.00) on shares of Alere in a report on Monday, April 17th. Finally, Zacks Investment Research lowered Alere from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Alere currently has an average rating of “Hold” and a consensus price target of $49.60.
Alere (NYSE:ALR) traded down 0.10% on Wednesday, reaching $48.80. 543,925 shares of the company’s stock were exchanged. The firm’s market cap is $4.25 billion. The firm has a 50 day moving average price of $47.21 and a 200 day moving average price of $40.94. Alere has a one year low of $31.47 and a one year high of $49.53.
Several hedge funds have recently modified their holdings of ALR. Monashee Investment Management LLC increased its stake in shares of Alere by 15.5% in the third quarter. Monashee Investment Management LLC now owns 11,552 shares of the medical research company’s stock worth $500,000 after buying an additional 1,552 shares during the last quarter. Americafirst Capital Management LLC acquired a new stake in shares of Alere during the third quarter worth about $1,721,000. BlackRock Fund Advisors increased its stake in shares of Alere by 4.1% in the third quarter. BlackRock Fund Advisors now owns 900,803 shares of the medical research company’s stock worth $38,951,000 after buying an additional 35,302 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Alere by 3.2% in the third quarter. BlackRock Group LTD now owns 72,259 shares of the medical research company’s stock worth $3,124,000 after buying an additional 2,261 shares during the last quarter. Finally, BOKF NA increased its stake in shares of Alere by 49.2% in the third quarter. BOKF NA now owns 11,671 shares of the medical research company’s stock worth $505,000 after buying an additional 3,846 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.
Alere Inc is a provider of health information through diagnostic tests. The Company’s segments include professional diagnostics, consumer diagnostics, and corporate and other. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.
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