ABAXIS, Inc. (ABAX) Earns Underperform Rating from Bank of America Corporation
ABAXIS, Inc. (NASDAQ:ABAX)‘s stock had its “underperform” rating restated by Bank of America Corporation in a report released on Wednesday, MarketBeat Ratings reports. They currently have a $42.00 price target on the medical research company’s stock. Bank of America Corporation’s target price would suggest a potential downside of 10.79% from the stock’s previous close.
Several other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. Zacks Investment Research cut shares of ABAXIS from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Stifel Nicolaus reaffirmed a “hold” rating and set a $48.00 price objective on shares of ABAXIS in a research note on Friday, July 14th. Finally, Aegis started coverage on shares of ABAXIS in a research note on Friday, June 9th. They set a “hold” rating and a $56.50 price objective for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $48.63.
Shares of ABAXIS (ABAX) traded down 1.9964% during trading on Wednesday, hitting $46.1401. The stock had a trading volume of 73,347 shares. The firm has a market capitalization of $1.05 billion, a P/E ratio of 32.5848 and a beta of 0.81. ABAXIS has a 1-year low of $44.12 and a 1-year high of $55.95. The stock’s 50-day moving average price is $49.39 and its 200 day moving average price is $49.28.
ABAXIS (NASDAQ:ABAX) last released its quarterly earnings results on Thursday, July 27th. The medical research company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.33 by $0.05. ABAXIS had a return on equity of 10.85% and a net margin of 14.12%. The company had revenue of $58.26 million for the quarter, compared to analyst estimates of $60.37 million. During the same quarter last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, analysts anticipate that ABAXIS will post $1.13 earnings per share for the current year.
In related news, insider Achim Henkel sold 650 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $48.87, for a total transaction of $31,765.50. Following the completion of the transaction, the insider now owns 58,950 shares of the company’s stock, valued at approximately $2,880,886.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of ABAX. BlackRock Inc. boosted its position in ABAXIS by 132,779.9% in the first quarter. BlackRock Inc. now owns 2,689,490 shares of the medical research company’s stock worth $130,442,000 after buying an additional 2,687,466 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in ABAXIS by 10.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,960,576 shares of the medical research company’s stock worth $143,588,000 after buying an additional 276,724 shares during the last quarter. Copeland Capital Management LLC boosted its position in ABAXIS by 20.6% in the second quarter. Copeland Capital Management LLC now owns 327,380 shares of the medical research company’s stock worth $17,358,000 after buying an additional 55,929 shares during the last quarter. State Street Corp boosted its position in ABAXIS by 8.9% in the first quarter. State Street Corp now owns 563,999 shares of the medical research company’s stock worth $27,351,000 after buying an additional 46,118 shares during the last quarter. Finally, Eaton Vance Management bought a new position in ABAXIS during the second quarter worth $2,257,000. 98.60% of the stock is owned by hedge funds and other institutional investors.
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.
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