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

Research analysts at StockNews.com assumed coverage on shares of Accelerate Diagnostics (NASDAQ:AXDX) in a research note issued to investors on Friday. The brokerage set a “hold” rating on the medical research company’s stock.

Accelerate Diagnostics Stock Performance

AXDX stock opened at $0.55 on Friday. Accelerate Diagnostics has a one year low of $0.49 and a one year high of $2.09. The firm has a market cap of $13.84 million, a price-to-earnings ratio of -0.19 and a beta of 0.46. The firm has a 50-day simple moving average of $0.94 and a two-hundred day simple moving average of $1.32.

Accelerate Diagnostics (NASDAQ:AXDX) last posted its earnings results on Thursday, March 20th. The medical research company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.13. The firm had revenue of $2.82 million for the quarter, compared to analysts’ expectations of $3.00 million. As a group, equities analysts predict that Accelerate Diagnostics will post -2.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new stake in Accelerate Diagnostics in the fourth quarter valued at about $27,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Accelerate Diagnostics during the third quarter valued at about $34,000. Renaissance Technologies LLC raised its position in shares of Accelerate Diagnostics by 160.6% in the 4th quarter. Renaissance Technologies LLC now owns 107,062 shares of the medical research company’s stock valued at $128,000 after purchasing an additional 65,984 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Accelerate Diagnostics by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 135,732 shares of the medical research company’s stock worth $163,000 after purchasing an additional 8,777 shares in the last quarter. 17.14% of the stock is currently owned by hedge funds and other 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.