Bio-Rad Laboratories (NYSE:BIO) Shares Gap Down to $290.86

Bio-Rad Laboratories, Inc. (NYSE:BIO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $290.86, but opened at $275.83. Bio-Rad Laboratories shares last traded at $273.29, with a volume of 49,068 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BIO shares. Royal Bank of Canada cut their price objective on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. UBS Group upped their price objective on shares of Bio-Rad Laboratories from $395.00 to $420.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Citigroup cut shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $400.00 to $365.00 in a research report on Wednesday, April 3rd. Finally, StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $468.00.

Bio-Rad Laboratories Price Performance

The stock has a market cap of $7.98 billion, a P/E ratio of -13.02 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.83 and a quick ratio of 4.34. The business’s fifty day moving average price is $329.85 and its 200 day moving average price is $320.23.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Thursday, February 15th. The medical research company reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $2.93 by $0.17. The firm had revenue of $681.18 million during the quarter, compared to analysts’ expectations of $685.00 million. Bio-Rad Laboratories had a negative net margin of 23.86% and a positive return on equity of 3.90%. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.31 earnings per share. Sell-side analysts forecast that Bio-Rad Laboratories, Inc. will post 10.41 EPS for the current fiscal year.

Insider Transactions at Bio-Rad Laboratories

In other news, EVP Michael Crowley sold 3,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $336.00, for a total value of $1,008,000.00. Following the completion of the transaction, the executive vice president now owns 6,942 shares of the company’s stock, valued at $2,332,512. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 17.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BIO. Quarry LP acquired a new position in shares of Bio-Rad Laboratories in the fourth quarter valued at approximately $27,000. Sound Income Strategies LLC acquired a new position in shares of Bio-Rad Laboratories in the first quarter valued at approximately $38,000. Gladius Capital Management LP increased its stake in shares of Bio-Rad Laboratories by 65.8% in the fourth quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock valued at $39,000 after buying an additional 48 shares during the period. Principal Securities Inc. acquired a new position in shares of Bio-Rad Laboratories in the fourth quarter valued at approximately $41,000. Finally, GAMMA Investing LLC acquired a new position in shares of Bio-Rad Laboratories in the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

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.