Zacks Investment Research Lowers Alere Inc. (ALR) to Sell
Alere Inc. (NYSE:ALR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Alere Inc., formerly known as Inverness Medical Innovations, Inc., provides products and services, which focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Alere is headquartered in Waltham, Massachusetts. “
Several other research analysts have also recently weighed in on ALR. BTIG Research reissued a “neutral” rating on shares of Alere in a research report on Monday, May 15th. Canaccord Genuity restated a “buy” rating and issued a $51.00 target price on shares of Alere in a research note on Monday, May 22nd. Craig Hallum lowered Alere from a “buy” rating to a “hold” rating in a research note on Monday, May 15th. BidaskClub lowered Alere from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $51.00 price objective on shares of Alere in a research note on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $48.00.
Alere (ALR) traded down 0.58% during trading on Thursday, reaching $49.33. The company’s stock had a trading volume of 1,227,163 shares. The company’s 50-day moving average is $50.13 and its 200-day moving average is $45.64. Alere has a 12 month low of $34.41 and a 12 month high of $50.63. The stock’s market cap is $4.32 billion.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Alere by 266.5% in the second quarter. Goldman Sachs Group Inc. now owns 2,797,035 shares of the medical research company’s stock valued at $140,383,000 after buying an additional 2,033,824 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Alere by 352.4% in the second quarter. Renaissance Technologies LLC now owns 2,231,924 shares of the medical research company’s stock valued at $112,020,000 after buying an additional 1,738,600 shares in the last quarter. Farallon Capital Management LLC increased its stake in shares of Alere by 54.7% in the second quarter. Farallon Capital Management LLC now owns 4,350,000 shares of the medical research company’s stock valued at $218,327,000 after buying an additional 1,537,500 shares in the last quarter. York Capital Management Global Advisors LLC increased its stake in shares of Alere by 469.6% in the second quarter. York Capital Management Global Advisors LLC now owns 1,755,511 shares of the medical research company’s stock valued at $88,109,000 after buying an additional 1,447,307 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of Alere during the first quarter valued at approximately $72,998,000. 80.53% 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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