Abaxis (NASDAQ:ABAX) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
A number of other equities analysts have also recently commented on ABAX. Aegis reissued a “hold” rating on shares of Abaxis in a report on Friday, December 1st. Zacks Investment Research cut Abaxis from a “hold” rating to a “sell” rating in a report on Tuesday, December 5th. TheStreet raised Abaxis from a “c+” rating to a “b-” rating in a report on Wednesday, November 29th. Bank of America reaffirmed an “underperform” rating and issued a $42.00 price target on shares of Abaxis in a report on Wednesday, August 23rd. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $47.00 price target (up previously from $46.00) on shares of Abaxis in a report on Friday, October 27th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $47.63.
Shares of Abaxis (ABAX) traded up $0.27 during trading on Tuesday, hitting $48.04. The company’s stock had a trading volume of 320,600 shares, compared to its average volume of 119,636. Abaxis has a fifty-two week low of $43.66 and a fifty-two week high of $55.44. The firm has a market capitalization of $1,090.36, a PE ratio of 40.03 and a beta of 0.86.
Abaxis declared that its board has approved a stock repurchase program on Tuesday, October 24th that permits the company to buyback $21.00 million in shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ABAX. Victory Capital Management Inc. boosted its position in shares of Abaxis by 17.6% during the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after buying an additional 386 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of Abaxis during the second quarter worth $239,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Abaxis during the third quarter worth $257,000. Piedmont Investment Advisors LLC purchased a new position in shares of Abaxis during the second quarter worth $260,000. Finally, Cetera Investment Advisers purchased a new position in shares of Abaxis during the third quarter worth $263,000. Institutional investors and hedge funds own 97.68% of the company’s stock.
Abaxis Company Profile
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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