Bio-Rad Laboratories (NYSE:BIO) Hits New 12-Month Low – Here’s Why

Bio-Rad Laboratories, Inc. (NYSE:BIO)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $243.76 and last traded at $245.16, with a volume of 90768 shares traded. The stock had previously closed at $247.31.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BIO shares. Royal Bank of Canada reissued an “outperform” rating and issued a $481.00 price objective on shares of Bio-Rad Laboratories in a research note on Tuesday, January 14th. StockNews.com lowered shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, Wells Fargo & Company dropped their price target on shares of Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 12th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Bio-Rad Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $395.20.

Bio-Rad Laboratories Trading Down 1.0 %

The business has a fifty day moving average price of $299.43 and a 200 day moving average price of $324.12. The firm has a market cap of $6.86 billion, a PE ratio of -3.77 and a beta of 0.98. The company has a current ratio of 6.48, a quick ratio of 4.85 and a debt-to-equity ratio of 0.18.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Thursday, February 13th. The medical research company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.04. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 71.86%. Analysts forecast that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current year.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wealthfront Advisers LLC acquired a new position in Bio-Rad Laboratories in the 4th quarter valued at about $342,686,000. Bank of America Corp DE grew its stake in shares of Bio-Rad Laboratories by 705.9% in the 4th quarter. Bank of America Corp DE now owns 427,292 shares of the medical research company’s stock valued at $140,370,000 after purchasing an additional 374,269 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Bio-Rad Laboratories in the third quarter valued at approximately $83,681,000. Ariel Investments LLC raised its stake in shares of Bio-Rad Laboratories by 48.0% during the fourth quarter. Ariel Investments LLC now owns 560,524 shares of the medical research company’s stock worth $184,138,000 after purchasing an additional 181,829 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Bio-Rad Laboratories during the fourth quarter worth $41,644,000. 65.24% of the stock is owned by hedge funds and other institutional investors.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.