Bio-Rad Laboratories (NYSE:BIO) Sees Unusually-High Trading Volume Following Earnings Beat

Bio-Rad Laboratories, Inc. (NYSE:BIO) shares saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 253,061 shares changed hands during mid-day trading, an increase of 49% from the previous session’s volume of 169,469 shares.The stock last traded at $284.78 and had previously closed at $306.36.

The medical research company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.86 by $0.04. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Citigroup lifted their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Wells Fargo & Company decreased their price objective on Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating on the stock in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $481.00 target price on shares of Bio-Rad Laboratories in a research report on Tuesday, January 14th. Finally, StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $395.20.

Hedge Funds Weigh In On Bio-Rad Laboratories

Several large investors have recently modified their holdings of BIO. Venturi Wealth Management LLC increased its position in Bio-Rad Laboratories by 2,175.0% during the fourth quarter. Venturi Wealth Management LLC now owns 91 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. GeoWealth Management LLC boosted its stake in shares of Bio-Rad Laboratories by 342.9% during the 4th quarter. GeoWealth Management LLC now owns 93 shares of the medical research company’s stock worth $31,000 after purchasing an additional 72 shares during the period. Gladius Capital Management LP bought a new position in Bio-Rad Laboratories during the 3rd quarter valued at about $32,000. Picton Mahoney Asset Management raised its position in Bio-Rad Laboratories by 55.6% in the 4th quarter. Picton Mahoney Asset Management now owns 98 shares of the medical research company’s stock worth $32,000 after purchasing an additional 35 shares during the period. Finally, Asset Planning Inc bought a new stake in Bio-Rad Laboratories in the fourth quarter worth about $33,000. Institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Stock Down 8.0 %

The firm has a market cap of $7.89 billion, a PE ratio of -10.31 and a beta of 0.90. The company has a 50-day simple moving average of $339.70 and a 200-day simple moving average of $336.52. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.14 and a quick ratio of 4.52.

Bio-Rad Laboratories Company Profile

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.