Abaxis (ABAX) Given Hold Rating at Canaccord Genuity
Other research analysts have also recently issued research reports about the company. TheStreet upgraded Abaxis from a c+ rating to a b- rating in a research note on Wednesday, November 29th. Northcoast Research upgraded Abaxis from a neutral rating to a buy rating in a research note on Friday, January 5th. Zacks Investment Research upgraded Abaxis from a sell rating to a hold rating in a research note on Friday, November 10th. BidaskClub upgraded Abaxis from a sell rating to a hold rating in a research note on Thursday, December 21st. Finally, Aegis restated a hold rating on shares of Abaxis in a research note on Friday, December 1st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $49.63.
Abaxis (ABAX) opened at $61.16 on Tuesday. The company has a market capitalization of $1,384.29, a PE ratio of 50.97 and a beta of 0.86. Abaxis has a one year low of $43.66 and a one year high of $63.18.
Abaxis declared that its board has approved a stock buyback program on Tuesday, October 24th that allows the company to repurchase $21.00 million in outstanding shares. This repurchase authorization allows the medical research company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Several large investors have recently added to or reduced their stakes in ABAX. Victory Capital Management Inc. lifted its stake in shares of Abaxis by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after acquiring an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Abaxis in the second quarter worth about $239,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Abaxis in the third quarter worth about $257,000. Piedmont Investment Advisors LLC acquired a new position in shares of Abaxis in the second quarter worth about $260,000. Finally, Cetera Investment Advisers acquired a new position in shares of Abaxis in the third quarter worth about $263,000. Institutional investors and hedge funds own 97.66% of the company’s stock.
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Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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