Accelerate Diagnostics (AXDX) Rating Increased to Hold at Zacks Investment Research

Accelerate Diagnostics (NASDAQ:AXDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.

According to Zacks, “Accelerate Diagnostics, Inc. is focused on developing and commercializing instrumentation for the rapid identification and antibiotic susceptibility testing of infectious pathogens. The company is developing BACcel(TM) system, a rapid diagnostic platform for diagnosis in life-threatening bacterial infections and OptiChem(R) surface coatings for use in micro arraying components. Accelerate Diagnostics Inc., formerly known as Accelr8 Technology Corp., is based in Denver, Colorado. “

Separately, BTIG Research downgraded shares of Accelerate Diagnostics from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 13th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Accelerate Diagnostics has an average rating of “Hold” and an average price target of $33.00.

Shares of Accelerate Diagnostics (NASDAQ:AXDX) traded down $0.75 on Monday, reaching $28.50. 217,000 shares of the company traded hands, compared to its average volume of 177,175. Accelerate Diagnostics has a 1 year low of $16.75 and a 1 year high of $30.45. The stock has a market cap of $1,490.00, a P/E ratio of -23.75 and a beta of 2.18.

In other news, Director Jack W. Schuler purchased 50,000 shares of the stock in a transaction on Wednesday, November 8th. The stock was bought at an average price of $18.46 per share, for a total transaction of $923,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jack W. Schuler purchased 5,500 shares of the stock in a transaction on Friday, November 17th. The shares were purchased at an average price of $22.00 per share, with a total value of $121,000.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 981,667 shares of company stock valued at $18,879,924 in the last quarter. 50.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. grew its holdings in Accelerate Diagnostics by 7.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 117,236 shares of the medical research company’s stock worth $3,207,000 after acquiring an additional 7,930 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Accelerate Diagnostics by 13.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,125 shares of the medical research company’s stock valued at $578,000 after buying an additional 2,425 shares in the last quarter. Artemis Investment Management LLP acquired a new position in shares of Accelerate Diagnostics in the 3rd quarter valued at $2,245,000. Wells Fargo & Company MN boosted its holdings in shares of Accelerate Diagnostics by 21.2% in the 2nd quarter. Wells Fargo & Company MN now owns 73,328 shares of the medical research company’s stock valued at $2,005,000 after buying an additional 12,840 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Accelerate Diagnostics in the 3rd quarter valued at $2,053,000. Institutional investors own 47.89% of the company’s stock.

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About Accelerate Diagnostics

Accelerate Diagnostics, Inc is an in vitro diagnostics company engaged in providing solutions that develop patient outcomes through the diagnosis of serious infections. The Company’s in vitro diagnostic platform, the Accelerate Pheno system utilizes genotypic technology to identify (ID), infectious pathogens and phenotypic technology to conduct antibiotic susceptibility testing (AST), which determines whether live bacterial or fungal cells are resistant or susceptible to a particular antibiotic.

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