Abaxis (NASDAQ:ABAX)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity in a research report issued on Tuesday. They presently have a $55.00 price target on the medical research company’s stock. Canaccord Genuity’s price objective suggests a potential downside of 11.92% from the company’s current price.
ABAX has been the topic of a number of other research reports. Zacks Investment Research downgraded Abaxis from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. BidaskClub downgraded Abaxis from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Northcoast Research upgraded Abaxis from a “neutral” rating to a “buy” rating in a report on Friday, January 5th. Bank of America dropped their target price on Abaxis from $42.00 to $39.00 and set an “underperform” rating on the stock in a report on Wednesday, October 25th. Finally, UBS Group upgraded Abaxis from an “underperform” rating to a “market perform” rating in a report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $49.63.
Shares of Abaxis (NASDAQ ABAX) traded up $0.16 on Tuesday, hitting $62.44. The stock had a trading volume of 235,900 shares, compared to its average volume of 248,367. The firm has a market cap of $1,417.20, a P/E ratio of 52.03 and a beta of 0.86. Abaxis has a one year low of $43.66 and a one year high of $62.98.
Abaxis (NASDAQ:ABAX) last issued its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The firm’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. analysts anticipate that Abaxis will post 1.11 EPS for the current year.
Abaxis announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 24th that permits the company to repurchase $21.00 million in shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in shares of Abaxis by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock valued at $136,000 after buying an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Abaxis in the 2nd quarter valued at approximately $239,000. Piedmont Investment Advisors LLC bought a new stake in shares of Abaxis in the 2nd quarter valued at approximately $260,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Abaxis in the 3rd quarter valued at approximately $257,000. Finally, Cetera Investment Advisers bought a new stake in shares of Abaxis in the 3rd quarter valued at approximately $263,000. 97.66% of the stock is owned by institutional investors and hedge funds.
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Abaxis Company Profile
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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