StockNews.com Initiates Coverage on Accelerate Diagnostics (NASDAQ:AXDX)

StockNews.com began coverage on shares of Accelerate Diagnostics (NASDAQ:AXDX) in a report released on Tuesday morning. The firm issued a hold rating on the medical research company’s stock.

Accelerate Diagnostics Stock Performance

Shares of Accelerate Diagnostics stock opened at $1.92 on Tuesday. The firm has a 50-day moving average of $1.76 and a 200-day moving average of $1.38. Accelerate Diagnostics has a 52-week low of $0.73 and a 52-week high of $6.25. The stock has a market cap of $45.46 million, a PE ratio of -0.87 and a beta of 0.61.

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

Hedge Funds Weigh In On Accelerate Diagnostics

An institutional investor recently raised its position in Accelerate Diagnostics stock. Griffin Asset Management Inc. lifted its stake in shares of Accelerate Diagnostics, Inc. (NASDAQ:AXDX) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,380,654 shares of the medical research company’s stock after purchasing an additional 26,400 shares during the quarter. Griffin Asset Management Inc. owned 6.26% of Accelerate Diagnostics worth $1,615,000 as of its most recent SEC filing. 17.14% of the stock is owned by institutional investors.

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.