Abaxis (ABAX) Upgraded to Market Perform at UBS Group

Abaxis (NASDAQ:ABAX) was upgraded by stock analysts at UBS Group from an “underperform” rating to a “market perform” rating in a report released on Tuesday, The Fly reports.

A number of other research firms have also recently issued reports on ABAX. Zacks Investment Research cut Abaxis from a “hold” rating to a “sell” rating in a research report on Monday. Raymond James Financial upgraded Abaxis from an “underperform” rating to a “market perform” rating in a research report on Tuesday. Northcoast Research upgraded Abaxis from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Canaccord Genuity restated a “hold” rating and set a $47.00 price objective (up from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Finally, BidaskClub upgraded Abaxis from a “sell” rating to a “hold” rating in a research report on Thursday, December 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $47.63.

Abaxis (NASDAQ ABAX) opened at $61.65 on Tuesday. The company has a market capitalization of $1,380.00, a P/E ratio of 51.38 and a beta of 0.86. Abaxis has a 1 year low of $43.66 and a 1 year high of $62.70.

Abaxis (NASDAQ:ABAX) last issued its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The company had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. equities analysts predict that Abaxis will post 1.08 EPS for the current year.

Abaxis announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Large investors have recently made changes to their positions in the business. First Trust Advisors LP bought a new stake in Abaxis in the third quarter valued at $430,000. BNP Paribas Arbitrage SA grew its position in Abaxis by 61.4% in the second quarter. BNP Paribas Arbitrage SA now owns 7,349 shares of the medical research company’s stock valued at $390,000 after acquiring an additional 2,795 shares during the period. UBS Asset Management Americas Inc. grew its position in Abaxis by 92.0% in the second quarter. UBS Asset Management Americas Inc. now owns 7,928 shares of the medical research company’s stock valued at $420,000 after acquiring an additional 3,799 shares during the period. Vanguard Group Inc. grew its position in Abaxis by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after acquiring an additional 16,676 shares during the period. Finally, Legal & General Group Plc grew its position in Abaxis by 9.9% in the second quarter. Legal & General Group Plc now owns 44,532 shares of the medical research company’s stock valued at $2,360,000 after acquiring an additional 4,017 shares during the period. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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About Abaxis

Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.

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