Bio-Rad Laboratories (BIO) Trading 17.2% Higher After Analyst Upgrade

Bio-Rad Laboratories, Inc. (NYSE:BIO)’s share price traded up 17.2% during mid-day trading on Friday after Deutsche Bank raised their price target on the stock from $330.00 to $350.00. Deutsche Bank currently has a buy rating on the stock. Bio-Rad Laboratories traded as high as $323.95 and last traded at $317.41. 913,881 shares were traded during trading, an increase of 251% from the average session volume of 260,236 shares. The stock had previously closed at $270.90.

Several other equities analysts also recently issued reports on the company. Barclays raised Bio-Rad Laboratories from an “equal weight” rating to an “overweight” rating and set a $315.00 target price on the stock in a research report on Thursday, January 3rd. Zacks Investment Research raised Bio-Rad Laboratories from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 3rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $345.57.

In related news, EVP Annette Tumolo sold 2,376 shares of the company’s stock in a transaction on Tuesday, December 11th. The stock was sold at an average price of $254.51, for a total value of $604,715.76. Following the transaction, the executive vice president now directly owns 1,504 shares of the company’s stock, valued at approximately $382,783.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP James R. Stark sold 848 shares of the company’s stock in a transaction on Wednesday, December 12th. The shares were sold at an average price of $254.77, for a total value of $216,044.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,027 shares of company stock worth $1,267,916. 27.99% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIO. State of Alaska Department of Revenue boosted its holdings in Bio-Rad Laboratories by 2.0% in the fourth quarter. State of Alaska Department of Revenue now owns 2,246 shares of the medical research company’s stock valued at $521,000 after purchasing an additional 43 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its holdings in Bio-Rad Laboratories by 0.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,791 shares of the medical research company’s stock valued at $1,345,000 after purchasing an additional 45 shares during the last quarter. LS Investment Advisors LLC boosted its holdings in Bio-Rad Laboratories by 6.2% in the fourth quarter. LS Investment Advisors LLC now owns 1,411 shares of the medical research company’s stock valued at $328,000 after purchasing an additional 82 shares during the last quarter. Virginia Retirement Systems ET AL boosted its holdings in Bio-Rad Laboratories by 7.1% in the fourth quarter. Virginia Retirement Systems ET AL now owns 1,500 shares of the medical research company’s stock valued at $348,000 after purchasing an additional 100 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Bio-Rad Laboratories by 15.0% in the fourth quarter. Brown Advisory Inc. now owns 1,067 shares of the medical research company’s stock valued at $248,000 after purchasing an additional 139 shares during the last quarter. 61.70% of the stock is currently owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.16 and a current ratio of 4.49. The firm has a market cap of $8.12 billion, a P/E ratio of 77.42, a price-to-earnings-growth ratio of 2.74 and a beta of 1.21.

COPYRIGHT VIOLATION WARNING: “Bio-Rad Laboratories (BIO) Trading 17.2% Higher After Analyst Upgrade” was reported by Fairfield Current and is the sole property of of Fairfield Current. If you are viewing this story on another site, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this story can be read at https://www.fairfieldcurrent.com/news/2019/03/01/bio-rad-laboratories-bio-trading-17-2-higher-after-analyst-upgrade.html.

Bio-Rad Laboratories Company Profile (NYSE:BIO)

Bio-Rad Laboratories, Inc develops, manufactures, and markets products and solutions for the life science research and clinical diagnostic markets in Europe, the Pacific Rim, the United States, and internationally. The company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components.

See Also: Trading Strategy Methods and Types



Leave a Reply