StockNews.com Begins Coverage on Accelerate Diagnostics (NASDAQ:AXDX)

StockNews.com began coverage on shares of Accelerate Diagnostics (NASDAQ:AXDX) in a research report sent to investors on Friday. The firm issued a hold rating on the medical research company’s stock.

Separately, BTIG Research raised shares of Accelerate Diagnostics to a “strong-buy” rating in a research note on Wednesday, December 11th.

Accelerate Diagnostics Stock Up 5.9 %

Accelerate Diagnostics stock opened at $1.18 on Friday. The business’s 50-day simple moving average is $1.19 and its 200 day simple moving average is $1.54. The stock has a market cap of $29.42 million, a price-to-earnings ratio of -0.41 and a beta of 0.61. Accelerate Diagnostics has a 12-month low of $0.73 and a 12-month high of $2.09.

Insider Activity

In related news, Director John Patience acquired 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was acquired at an average cost of $1.57 per share, with a total value of $314,000.00. Following the completion of the purchase, the director now directly owns 653,224 shares in the company, valued at approximately $1,025,561.68. This trade represents a 44.13 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 43.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Accelerate Diagnostics

Hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new position in shares of Accelerate Diagnostics during the 3rd quarter worth about $34,000. Jane Street Group LLC bought a new position in Accelerate Diagnostics during the 4th quarter worth approximately $27,000. Renaissance Technologies LLC grew its holdings in Accelerate Diagnostics by 160.6% during the fourth quarter. Renaissance Technologies LLC now owns 107,062 shares of the medical research company’s stock valued at $128,000 after purchasing an additional 65,984 shares during the period. Finally, Geode Capital Management LLC increased its stake in Accelerate Diagnostics by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 135,732 shares of the medical research company’s stock valued at $163,000 after purchasing an additional 8,777 shares in the last quarter. Institutional investors and hedge funds own 17.14% of the company’s stock.

About Accelerate Diagnostics

Accelerate Diagnostics, Inc, an in vitro diagnostics company, provides solutions for the diagnosis of serious infections in the United States, Europe, and the Middle East. The company offers Accelerate Pheno system, an in vitro diagnostic platform for the identification and antibiotic susceptibility testing of pathogens associated with serious or health care-associated infections, including gram-positive and gram-negative organisms.