Shares of Alere Inc. (NYSE:ALR) dropped 3% on Friday . The stock traded as low as $38.80 and last traded at $39.45, with a volume of 1,099,180 shares trading hands. The stock had previously closed at $40.69.

ALR has been the subject of several research analyst reports. Craig Hallum raised shares of Alere from a “hold” rating to a “buy” rating in a research note on Friday, April 29th. Leerink Swann reaffirmed a “buy” rating and set a $56.00 price target on shares of Alere in a research note on Tuesday, July 12th. Canaccord Genuity raised shares of Alere from a “hold” rating to a “buy” rating and lifted their price target for the company from $44.00 to $56.00 in a research note on Friday, July 15th. BTIG Research reaffirmed a “buy” rating and set a $48.00 price target on shares of Alere in a research note on Thursday, August 18th. Finally, Jefferies Group reissued a “hold” rating on shares of Alere in a research note on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $52.13.

The stock’s market cap is $3.43 billion. The stock has a 50-day moving average of $40.00 and a 200-day moving average of $44.83.

Alere (NYSE:ALR) last posted its quarterly earnings results on Wednesday, August 17th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.56 by $0.74. The firm had revenue of $578 million for the quarter. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 earnings per share. On average, equities research analysts anticipate that Alere Inc. will post $2.38 EPS for the current fiscal year.

An institutional investor recently raised its position in Alere stock. Jennison Associates LLC increased its position in Alere Inc. (NYSE:ALR) by 124.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,009,883 shares of the company’s stock after buying an additional 559,240 shares during the period. Jennison Associates LLC owned 1.17% of Alere worth $39,476,000 as of its most recent filing with the SEC.

Alere Inc is a provider of health information through diagnostic tests. The Company operates through professional diagnostics, patient self-testing, consumer diagnostics and, corporate and other segments. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.

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