In a report released yesterday, Sean Lavin from BTIG maintained a Hold rating on Accelerate Diagnostics (NASDAQ: AXDX). The company’s shares closed yesterday at $21.80.
Lavin commented:
“Is A Concern; Maintain Neutral AXDX reported Q2 of $1.7M, better than our conservative estimate of $1.5M but lighter than consensus of $2M. On a positive note, evaluations saw a nice pickup in pace (56 adds sequentially). Additionally, the company also indicated having been in productive dialogue with the FDA regarding its LRTI test and it appears as though the trial may prove to be less demanding. On the negative side, there continues to be lack of clarity around the long-term prospects of the technology with mgmt articulating plans to shift away from a capital sale to a reagent rental focused model. We remain believers in the value of the technology but feel that ambiguity around the changes in the commercial strategy, success of new salesforce and most importantly, hospital buying patterns, makes it less likely that shares will outperform in the near-term.”
According to TipRanks.com, Lavin is a 5-star analyst with an average return of 14.8% and a 63.5% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Helius Medical Technologies, Tactile Systems Technology, and Obalon Therapeutics Inc.
Accelerate Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $25.
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The company has a one-year high of $30.35 and a one-year low of $16.75. Currently, Accelerate Diagnostics has an average volume of 239.9K.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AXDX in relation to earlier this year.
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Accelerate Diagnostics, Inc. is an in vitro diagnostics company, which engages in the provision of solutions that improve patient outcomes and lower healthcare costs through the rapid diagnosis of serious infections.
