Bioanalytical Systems (NASDAQ:BASI) Upgraded to “Buy” at Zacks Investment Research


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Bioanalytical Systems (NASDAQ:BASI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $16.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 11.50% from the stock’s current price.

According to Zacks, “Bioanalytical Systems, Inc. is a contract research organization providing research and development resources to many of the leading pharmaceutical, medical device and biotechnology companies in the world. The company offers an efficient, variable-cost alternative to its clients’ internal product development, compliance and quality control programs. The company provides a broad array of value-added services and products focused on chemical analysis, allowing its clients to perform their research and development functions either in-house or at the company. “

Separately, Colliers Securities assumed coverage on shares of Bioanalytical Systems in a research note on Tuesday, December 22nd. They issued a “buy” rating and a $17.00 price objective for the company.

BASI remained flat at $$14.35 during trading on Tuesday. 2,961 shares of the company’s stock traded hands, compared to its average volume of 118,617. The company has a debt-to-equity ratio of 2.49, a quick ratio of 0.46 and a current ratio of 0.48. Bioanalytical Systems has a fifty-two week low of $3.05 and a fifty-two week high of $17.48. The stock has a market cap of $159.73 million, a price-to-earnings ratio of -34.17 and a beta of 1.92. The stock has a 50 day moving average price of $14.07 and a 200 day moving average price of $8.03.

Bioanalytical Systems (NASDAQ:BASI) last announced its quarterly earnings data on Monday, December 21st. The company reported ($0.16) earnings per share (EPS) for the quarter. The firm had revenue of $15.77 million during the quarter. Bioanalytical Systems had a negative return on equity of 42.74% and a negative net margin of 7.75%. Analysts expect that Bioanalytical Systems will post -0.41 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in BASI. BlackRock Inc. grew its stake in Bioanalytical Systems by 11.1% during the third quarter. BlackRock Inc. now owns 30,722 shares of the company’s stock valued at $146,000 after acquiring an additional 3,068 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Bioanalytical Systems by 20.0% during the 4th quarter. Renaissance Technologies LLC now owns 600,065 shares of the company’s stock valued at $7,381,000 after purchasing an additional 100,051 shares during the last quarter. Finally, Next Century Growth Investors LLC bought a new position in shares of Bioanalytical Systems during the 4th quarter valued at about $534,000. 10.62% of the stock is owned by hedge funds and other institutional investors.

About Bioanalytical Systems

Bioanalytical Systems, Inc, doing business as Inotiv, provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries. It operates through two segments, Contract Research Services and Research Products.

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