Abaxis (ABAX) Cut to “Sell” at BidaskClub

Abaxis (NASDAQ:ABAX) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

ABAX has been the topic of several other research reports. Aegis reissued a “hold” rating on shares of Abaxis in a research report on Friday, December 1st. Canaccord Genuity reissued a “hold” rating and set a $47.00 price target (up previously from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Zacks Investment Research cut shares of Abaxis from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Raymond James Financial raised shares of Abaxis from an “underperform” rating to a “market perform” rating in a research report on Tuesday, January 9th. Finally, TheStreet raised shares of Abaxis from a “c+” rating to a “b-” rating in a research report on Wednesday, November 29th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $49.63.

Shares of Abaxis (ABAX) traded up $0.35 on Friday, reaching $61.16. 144,591 shares of the company’s stock traded hands, compared to its average volume of 177,283. Abaxis has a 52 week low of $43.66 and a 52 week high of $63.18. The firm has a market cap of $1,400.00, a PE ratio of 50.97 and a beta of 0.86.

Abaxis (NASDAQ:ABAX) last announced its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Abaxis had a net margin of 11.98% and a return on equity of 10.18%. The company had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.85 million. During the same quarter in the previous year, the company posted $0.34 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. sell-side analysts expect that Abaxis will post 1.11 EPS for the current fiscal year.

Abaxis announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Citigroup Inc. raised its holdings in Abaxis by 0.5% in the 2nd quarter. Citigroup Inc. now owns 18,967 shares of the medical research company’s stock valued at $1,005,000 after buying an additional 87 shares during the period. Victory Capital Management Inc. raised its holdings in Abaxis by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock valued at $136,000 after buying an additional 386 shares during the period. Voya Investment Management LLC raised its holdings in Abaxis by 7.5% in the 2nd quarter. Voya Investment Management LLC now owns 10,764 shares of the medical research company’s stock valued at $571,000 after buying an additional 751 shares during the period. Thrivent Financial For Lutherans raised its holdings in Abaxis by 8.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 13,750 shares of the medical research company’s stock valued at $729,000 after buying an additional 1,070 shares during the period. Finally, Stifel Financial Corp raised its holdings in Abaxis by 5.2% in the 2nd quarter. Stifel Financial Corp now owns 23,634 shares of the medical research company’s stock valued at $1,250,000 after buying an additional 1,163 shares during the period. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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About Abaxis

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.

Analyst Recommendations for Abaxis (NASDAQ:ABAX)

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