Royal Bank of Canada Forecasts Strong Price Appreciation for Bio-Rad Laboratories (NYSE:BIO) Stock

Bio-Rad Laboratories (NYSE:BIO) had its target price increased by Royal Bank of Canada from $369.00 to $481.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 41.52% from the stock’s current price.

A number of other equities research analysts have also issued reports on BIO. StockNews.com raised shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Citigroup lifted their price objective on Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company began coverage on Bio-Rad Laboratories in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 target price on the stock. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Bio-Rad Laboratories has an average rating of “Moderate Buy” and a consensus price target of $394.20.

Bio-Rad Laboratories Stock Performance

Shares of BIO stock opened at $339.87 on Monday. The company has a market capitalization of $9.52 billion, a price-to-earnings ratio of -12.44 and a beta of 0.90. Bio-Rad Laboratories has a 1-year low of $262.12 and a 1-year high of $387.99. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16. The stock’s fifty day simple moving average is $341.47 and its 200-day simple moving average is $320.17.

Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.85. The company had revenue of $649.70 million for the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.33 EPS. On average, sell-side analysts predict that Bio-Rad Laboratories will post 10.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Several institutional investors have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC increased its stake in shares of Bio-Rad Laboratories by 193.8% in the second quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock worth $26,000 after purchasing an additional 62 shares during the period. UMB Bank n.a. lifted its holdings in shares of Bio-Rad Laboratories by 140.6% during the third quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock valued at $26,000 after acquiring an additional 45 shares during the period. Gladius Capital Management LP acquired a new position in Bio-Rad Laboratories in the third quarter valued at about $32,000. Headlands Technologies LLC bought a new stake in Bio-Rad Laboratories during the second quarter worth about $51,000. Finally, Point72 Hong Kong Ltd bought a new stake in Bio-Rad Laboratories during the 3rd quarter worth approximately $55,000. 65.24% of the stock is currently owned by institutional investors.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.