Bio-Rad Laboratories, Inc. (NYSE:BIO) Sees Significant Drop in Short Interest

Bio-Rad Laboratories, Inc. (NYSE:BIO) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 533,000 shares, a decline of 20.3% from the August 15th total of 668,400 shares. Based on an average daily volume of 112,400 shares, the days-to-cover ratio is presently 4.7 days. Approximately 2.5% of the shares of the stock are short sold.

In other news, CFO Ilan Daskal sold 2,300 shares of the business’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $751.84, for a total transaction of $1,729,232.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Timothy S. Ernst sold 327 shares of the business’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $760.26, for a total value of $248,605.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,497 shares of company stock valued at $4,939,591. Corporate insiders own 27.67% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Seeyond lifted its holdings in shares of Bio-Rad Laboratories by 0.5% in the second quarter. Seeyond now owns 4,219 shares of the medical research company’s stock valued at $2,718,000 after purchasing an additional 19 shares in the last quarter. Commerce Bank lifted its holdings in shares of Bio-Rad Laboratories by 3.2% in the second quarter. Commerce Bank now owns 685 shares of the medical research company’s stock valued at $441,000 after purchasing an additional 21 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Bio-Rad Laboratories by 5.2% in the second quarter. Rafferty Asset Management LLC now owns 446 shares of the medical research company’s stock valued at $287,000 after purchasing an additional 22 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Bio-Rad Laboratories by 10.5% in the first quarter. Lazard Asset Management LLC now owns 242 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 23 shares in the last quarter. Finally, JustInvest LLC lifted its holdings in shares of Bio-Rad Laboratories by 3.7% in the second quarter. JustInvest LLC now owns 652 shares of the medical research company’s stock valued at $420,000 after purchasing an additional 23 shares in the last quarter. Institutional investors own 63.14% of the company’s stock.

A number of brokerages recently commented on BIO. Zacks Investment Research raised Bio-Rad Laboratories from a “hold” rating to a “strong-buy” rating and set a $806.00 price objective for the company in a research note on Wednesday, August 4th. Wells Fargo & Company lifted their price objective on Bio-Rad Laboratories from $735.00 to $930.00 and gave the stock an “overweight” rating in a research note on Friday, July 30th.

NYSE:BIO traded up $1.42 on Tuesday, reaching $783.94. The company’s stock had a trading volume of 836 shares, compared to its average volume of 160,751. Bio-Rad Laboratories has a 1-year low of $490.73 and a 1-year high of $832.70. The firm has a market cap of $23.34 billion, a PE ratio of 5.83 and a beta of 0.85. The business’s 50-day moving average price is $757.78 and its two-hundred day moving average price is $658.80.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Wednesday, July 28th. The medical research company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $0.88. The company had revenue of $715.93 million for the quarter, compared to analyst estimates of $610.40 million. Bio-Rad Laboratories had a return on equity of 4.65% and a net margin of 140.48%. As a group, equities research analysts forecast that Bio-Rad Laboratories will post 14.2 earnings per share for the current fiscal year.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc engages in the development and production of specialty chemicals used in biochemical, pharmaceutical, and other life science research applications. It operates through the Life Sciences and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets reagents, apparatus, and laboratory instruments.

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