Meridian Bioscience (NASDAQ:VIVO) Cut to “Hold” at Zacks Investment Research

Meridian Bioscience (NASDAQ:VIVO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Meridian Bioscience, Inc. is a fully integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and biopharmaceutical enabling technologies that help deliver answers. Its products provide accuracy, simplicity and speed for the early diagnosis and treatment of common medical conditions, such as C. difficile, H. pylori, foodborne diseases and respiratory infections. In addition, the company develops and manufactures a variety of biological and non-biological materials used in proficiency testing programs. Meridian diagnostic products are used outside of the human body and require little or no special equipment. Meridian Bioscience designs their products to enhance the well-being of the patient-while reducing the total outcome costs of healthcare. Meridian has strong market positions in the areas of gastrointestinal infections, serology, parasitology and fungal disease diagnosis. “

Separately, HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Meridian Bioscience in a research note on Friday, October 8th.

NASDAQ VIVO traded up $0.29 on Thursday, reaching $18.80. The stock had a trading volume of 1,001 shares, compared to its average volume of 578,052. The firm has a market capitalization of $815.06 million, a price-to-earnings ratio of 11.60 and a beta of 0.48. The company has a quick ratio of 3.36, a current ratio of 5.31 and a debt-to-equity ratio of 0.16. Meridian Bioscience has a 12-month low of $15.45 and a 12-month high of $30.65. The stock has a fifty day moving average price of $19.64 and a two-hundred day moving average price of $20.62.

Meridian Bioscience (NASDAQ:VIVO) last posted its earnings results on Thursday, August 5th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.09). The business had revenue of $63.51 million during the quarter, compared to analysts’ expectations of $73.12 million. Meridian Bioscience had a net margin of 23.29% and a return on equity of 24.58%. Sell-side analysts forecast that Meridian Bioscience will post 1.63 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in VIVO. Federated Hermes Inc. acquired a new position in Meridian Bioscience in the 1st quarter valued at approximately $27,000. Rockefeller Capital Management L.P. bought a new stake in Meridian Bioscience in the second quarter worth approximately $44,000. C M Bidwell & Associates Ltd. bought a new stake in Meridian Bioscience in the first quarter worth approximately $82,000. First Bank & Trust grew its position in Meridian Bioscience by 206.9% in the second quarter. First Bank & Trust now owns 4,420 shares of the company’s stock worth $98,000 after acquiring an additional 2,980 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its position in Meridian Bioscience by 1,474.0% in the second quarter. Panagora Asset Management Inc. now owns 6,831 shares of the company’s stock worth $152,000 after acquiring an additional 6,397 shares in the last quarter. Institutional investors and hedge funds own 98.47% of the company’s stock.

About Meridian Bioscience

Meridian Bioscience, Inc engages in the development, production, sale, and distribution of diagnostic products. Its platforms include molecular, immunoassay, urea breath, and blood chemistry. It operates through the Diagnostics and Life Science segments. The Diagnostics segment consists of manufacturing operations for infectious disease and blood chemistry products; and sale and distribution of diagnostics products domestically and abroad.

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