Bio-Rad Laboratories (NYSE:BIO) Stock Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• Bio-Rad shares crossed above their 50-day moving average, reaching $381.87 and last trading near $380.58, up 2.2%. The 50-day average was $374.06, compared with a 200-day average of $313.22.
• Analysts maintain a consensus “Hold” rating, with one Buy and four Holds and an average price target of $343.33. Several firms raised their targets, including RBC to $370.
• Bio-Rad exceeded quarterly expectations, reporting $2.62 in EPS versus $1.75 expected and revenue of $651 million versus a $623.99 million consensus. Institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories, Inc. (NYSE:BIO - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $374.06 and traded as high as $381.87. Bio-Rad Laboratories shares last traded at $380.5830, with a volume of 167,156 shares.

Analyst Ratings Changes

BIO has been the subject of a number of analyst reports. Citigroup lifted their price target on shares of Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. Royal Bank Of Canada increased their price target on Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Bio-Rad Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Zacks Research raised Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company lifted their price objective on Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an "equal weight" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $343.33.

Bio-Rad Laboratories Trading Up 2.2%

The firm's 50-day moving average price is $374.06 and its 200 day moving average price is $313.22. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 46.13 and a beta of 1.07.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The medical research company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.87. The firm had revenue of $651.00 million for the quarter, compared to the consensus estimate of $623.99 million. The business's revenue was down .1% on a year-over-year basis. During the same period last year, the company posted $2.61 EPS. As a group, equities research analysts anticipate that Bio-Rad Laboratories, Inc. will post 9.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its holdings in shares of Bio-Rad Laboratories by 57.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 233,227 shares of the medical research company's stock worth $68,478,000 after buying an additional 85,393 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Bio-Rad Laboratories in the second quarter valued at about $17,690,000. Hound Partners LLC grew its position in Bio-Rad Laboratories by 125.9% in the first quarter. Hound Partners LLC now owns 97,724 shares of the medical research company's stock valued at $27,241,000 after acquiring an additional 54,456 shares during the last quarter. Amundi grew its position in Bio-Rad Laboratories by 1,763.4% in the first quarter. Amundi now owns 38,778 shares of the medical research company's stock valued at $10,809,000 after acquiring an additional 36,697 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Bio-Rad Laboratories in the first quarter valued at about $5,098,000. Institutional investors own 65.24% of the company's stock.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc develops, manufactures and markets products and systems used in life science research and clinical diagnostics. Its life science portfolio includes laboratory instruments, reagents, software and consumables used in areas such as genomics, proteomics, cell biology, biopharmaceutical development and quality control.

The company's clinical diagnostics business provides systems, reagents and software for blood typing, infectious disease testing, diabetes monitoring, quality control and other diagnostic applications.

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