Meridian Bioscience Inc. (VIVO) Downgraded by Zacks Investment Research to “Sell”
Meridian Bioscience Inc. (NASDAQ:VIVO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Meridian is a fully integrated life sciences company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral, urinary and respiratory infections. “
A number of other research analysts have also issued reports on VIVO. Canaccord Genuity reiterated a “hold” rating on shares of Meridian Bioscience in a research report on Wednesday, June 29th. Hilliard Lyons lowered Meridian Bioscience from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $21.25.
Shares of Meridian Bioscience (NASDAQ:VIVO) traded down 0.46% on Wednesday, hitting $19.59. 14,506 shares of the company traded hands. The firm has a market capitalization of $824.46 million, a P/E ratio of 23.32 and a beta of 1.06. The firm’s 50-day moving average is $19.32 and its 200 day moving average is $19.68. Meridian Bioscience has a 1-year low of $16.86 and a 1-year high of $21.49.
Meridian Bioscience (NASDAQ:VIVO) last announced its earnings results on Thursday, July 28th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.01. Meridian Bioscience had a net margin of 17.95% and a return on equity of 21.51%. The business had revenue of $50.70 million for the quarter, compared to analysts’ expectations of $52.85 million. During the same quarter last year, the business earned $0.22 EPS. The company’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts anticipate that Meridian Bioscience will post $0.86 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in VIVO. Renaissance Technologies LLC boosted its stake in shares of Meridian Bioscience by 8.6% in the first quarter. Renaissance Technologies LLC now owns 1,710,600 shares of the company’s stock valued at $35,255,000 after buying an additional 136,024 shares in the last quarter. Norges Bank acquired a new stake in shares of Meridian Bioscience during the fourth quarter valued at about $13,635,000. Prudential Financial Inc. boosted its stake in shares of Meridian Bioscience by 3.9% in the first quarter. Prudential Financial Inc. now owns 100,591 shares of the company’s stock valued at $2,073,000 after buying an additional 3,800 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of Meridian Bioscience by 39.3% in the second quarter. GSA Capital Partners LLP now owns 141,890 shares of the company’s stock valued at $2,767,000 after buying an additional 40,024 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Meridian Bioscience by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,118,070 shares of the company’s stock valued at $23,043,000 after buying an additional 15,697 shares in the last quarter. 88.03% of the stock is owned by institutional investors.
About Meridian Bioscience
Meridian Bioscience, Inc (Meridian) is an integrated life science company. The Company is engaged in developing, manufacturing, selling and distribution of clinical diagnostic test kits, for certain gastrointestinal, viral, respiratory and parasitic infectious diseases; the manufacture and distribution of bulk antigens, antibodies, polymerase chain reaction (PCR)/ quantitative polymerase chain reaction (qPCR) reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers, and the contract development and manufacture of proteins and other biologicals under cyclic guanosine monophosphate (cGMP) conditions for use by biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines.
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