Accelerate Diagnostics (NASDAQ:AXDX) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Accelerate Diagnostics (NASDAQ:AXDX) in a research note issued on Wednesday. The brokerage set a “hold” rating on the medical research company’s stock.

Accelerate Diagnostics Trading Down 6.8 %

Shares of NASDAQ AXDX opened at $1.50 on Wednesday. Accelerate Diagnostics has a twelve month low of $0.73 and a twelve month high of $7.00. The firm has a 50-day moving average of $1.49 and a two-hundred day moving average of $1.20. The company has a market capitalization of $33.08 million, a price-to-earnings ratio of -0.37 and a beta of 0.62.

Accelerate Diagnostics (NASDAQ:AXDX) last released its earnings results on Thursday, August 8th. The medical research company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.05. The business had revenue of $2.99 million for the quarter, compared to analyst estimates of $3.00 million. As a group, research analysts predict that Accelerate Diagnostics will post -2.14 earnings per share for the current year.

Hedge Funds Weigh In On Accelerate Diagnostics

A hedge fund recently raised its stake in Accelerate Diagnostics stock. Griffin Asset Management Inc. increased its position in shares of Accelerate Diagnostics, Inc. (NASDAQ:AXDX) by 11.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,354,254 shares of the medical research company’s stock after acquiring an additional 134,530 shares during the quarter. Griffin Asset Management Inc. owned 6.25% of Accelerate Diagnostics worth $1,341,000 as of its most recent SEC filing. 17.14% of the stock is currently owned by institutional investors and hedge funds.

About Accelerate Diagnostics

Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States, Europe, and the Middle East. The company offers Accelerate Pheno system, an in vitro diagnostic platform for the identification and antibiotic susceptibility testing of pathogens associated with serious or health care-associated infections, including gram-positive and gram-negative organisms.