Bio-Rad Laboratories (NYSE:BIO) Shares Break Above Two Hundred Day Moving Average – Here’s What Happened

Bio-Rad Laboratories, Inc. (NYSE:BIO) passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $308.34 and traded as high as $383.25. Bio-Rad Laboratories shares last traded at $380.32, with a volume of 374,681 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BIO shares. Royal Bank Of Canada boosted their price target on shares of Bio-Rad Laboratories from $320.00 to $370.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price objective on shares of Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 5th. Citigroup upped their target price on shares of Bio-Rad Laboratories from $300.00 to $330.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Bio-Rad Laboratories from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday, August 17th. Finally, Zacks Research raised Bio-Rad Laboratories from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bio-Rad Laboratories presently has an average rating of “Hold” and a consensus target price of $343.33.

Bio-Rad Laboratories Stock Performance

The stock has a market cap of $10.38 billion, a P/E ratio of 47.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.14 and a quick ratio of 2.33. The company has a fifty day moving average of $357.61 and a 200 day moving average of $309.04.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Tuesday, August 4th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.87. Bio-Rad Laboratories had a return on equity of 3.54% and a net margin of 8.59%.The company had revenue of $651.00 million for the quarter, compared to analysts’ expectations of $623.99 million. During the same period last year, the firm earned $2.61 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities analysts predict that Bio-Rad Laboratories, Inc. will post 9.28 earnings per share for the current fiscal year.

Institutional Trading of Bio-Rad Laboratories

Hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. lifted its stake in Bio-Rad Laboratories by 46.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,670 shares of the medical research company’s stock valued at $784,000 after purchasing an additional 841 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Bio-Rad Laboratories during the 2nd quarter worth $27,000. Squarepoint Ops LLC acquired a new position in shares of Bio-Rad Laboratories in the 2nd quarter worth $2,472,000. Nykredit A S acquired a new stake in shares of Bio-Rad Laboratories during the second quarter worth $118,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Bio-Rad Laboratories during the second quarter worth $1,964,000. 65.24% of the stock is currently owned by institutional investors.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc is a life science research and clinical diagnostics company headquartered in Hercules, California. Founded in 1952 by David and Alice Schwartz, the company develops, manufactures and markets products used by academic, pharmaceutical, biotechnology, healthcare and government customers.

Its Life Science segment provides instruments, reagents, consumables and software for applications including genomics, digital PCR, gene expression analysis, protein purification, cell biology and biopharmaceutical quality control.