Bio-Rad Laboratories (NYSE:BIO) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Bio-Rad Laboratories, Inc. (NYSE:BIO) shares passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $374.06 and traded as high as $381.87. Bio-Rad Laboratories shares last traded at $380.5830, with a volume of 167,156 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Zacks Research upgraded shares of Bio-Rad Laboratories from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded shares of Bio-Rad Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Citigroup raised their target price on shares of Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada boosted their target price on shares of Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company boosted their target price on shares of Bio-Rad Laboratories from $310.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $343.33.

Bio-Rad Laboratories Stock Up 2.2%

The company has a 50 day moving average price of $374.06 and a 200-day moving average price of $313.22. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 46.13 and a beta of 1.07.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Tuesday, August 4th. The medical research company reported $2.62 EPS for the quarter, topping the consensus estimate of $1.75 by $0.87. The business had revenue of $651.00 million for the quarter, compared to analyst estimates of $623.99 million. During the same quarter in the prior year, the business earned $2.61 earnings per share. The firm’s quarterly revenue was down .1% on a year-over-year basis. On average, analysts forecast that Bio-Rad Laboratories, Inc. will post 9.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in shares of Bio-Rad Laboratories by 57.8% during the second quarter. Assenagon Asset Management S.A. now owns 233,227 shares of the medical research company’s stock valued at $68,478,000 after acquiring an additional 85,393 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Bio-Rad Laboratories during the second quarter worth $17,690,000. Hound Partners LLC grew its stake in shares of Bio-Rad Laboratories by 125.9% in the first quarter. Hound Partners LLC now owns 97,724 shares of the medical research company’s stock worth $27,241,000 after purchasing an additional 54,456 shares during the last quarter. Amundi grew its stake in shares of Bio-Rad Laboratories by 1,763.4% in the first quarter. Amundi now owns 38,778 shares of the medical research company’s stock worth $10,809,000 after purchasing an additional 36,697 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Bio-Rad Laboratories in the first quarter worth $5,098,000. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc develops, manufactures and markets products and systems used in life science research and clinical diagnostics. Its life science portfolio includes laboratory instruments, reagents, software and consumables used in areas such as genomics, proteomics, cell biology, biopharmaceutical development and quality control.

The company’s clinical diagnostics business provides systems, reagents and software for blood typing, infectious disease testing, diabetes monitoring, quality control and other diagnostic applications.