Bio-Rad Laboratories (NYSE:BIO) Shares Gap Down – Here’s What Happened

Bio-Rad Laboratories, Inc. (NYSE:BIO) gapped down before the market opened on Friday. The stock had previously closed at $377.71, but opened at $357.28. Bio-Rad Laboratories shares last traded at $362.05, with a volume of 2,749 shares traded.

Analyst Ratings Changes

Several equities research analysts have weighed in on BIO shares. Zacks Research upgraded shares of Bio-Rad Laboratories from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Citigroup upped their price target on Bio-Rad Laboratories from $300.00 to $330.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Wells Fargo & Company increased their price objective on Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an “equal weight” rating in a report on Wednesday, August 5th. Weiss Ratings raised Bio-Rad Laboratories from a “sell (d)” rating to a “hold (c-)” rating in a research report on Monday, August 17th. Finally, Royal Bank Of Canada boosted their target price on Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $343.33.

Bio-Rad Laboratories Stock Performance

The company has a current ratio of 3.14, a quick ratio of 2.33 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average of $366.17 and a 200-day moving average of $313.66. The stock has a market capitalization of $9.78 billion, a price-to-earnings ratio of 44.33 and a beta of 1.07.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Tuesday, August 4th. The medical research company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.87. Bio-Rad Laboratories had a return on equity of 3.54% and a net margin of 8.59%.The company had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $623.99 million. During the same quarter in the previous year, the firm posted $2.61 EPS. The firm’s revenue was down .1% compared to the same quarter last year. As a group, sell-side analysts predict that Bio-Rad Laboratories, Inc. will post 9.28 earnings per share for the current year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new stake in Bio-Rad Laboratories during the 2nd quarter valued at approximately $27,000. Hollencrest Capital Management purchased a new position in shares of Bio-Rad Laboratories during the first quarter worth $28,000. Global Retirement Partners LLC raised its holdings in shares of Bio-Rad Laboratories by 812.5% during the fourth quarter. Global Retirement Partners LLC now owns 292 shares of the medical research company’s stock worth $88,000 after purchasing an additional 260 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Bio-Rad Laboratories during the fourth quarter valued at $113,000. Finally, Nykredit A S purchased a new stake in Bio-Rad Laboratories in the second quarter valued at $118,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc is a global life science research and clinical diagnostics company headquartered in Hercules, California. Founded in 1952, the company develops, manufactures and sells products that support scientific research, biotechnology production, medical testing and quality assurance.

Its Life Science segment provides instruments, reagents, consumables and software used in areas such as genomics, proteomics, cell biology, digital PCR, electrophoresis, chromatography and biopharmaceutical manufacturing.