Bio-Rad Laboratories (NYSE:BIO) Announces Quarterly Earnings Results

Bio-Rad Laboratories (NYSE:BIO) announced its earnings results on Thursday. The medical research company reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.99, Briefing.com reports. The company had revenue of $638.50 million during the quarter, compared to the consensus estimate of $645.79 million. Bio-Rad Laboratories had a negative net margin of 51.73% and a positive return on equity of 3.56%. Bio-Rad Laboratories’s revenue was down 6.3% compared to the same quarter last year. During the same period last year, the firm earned $3.00 earnings per share. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Stock Performance

BIO traded down $5.32 on Friday, reaching $335.93. The stock had a trading volume of 448,637 shares, compared to its average volume of 240,792. Bio-Rad Laboratories has a 12-month low of $261.59 and a 12-month high of $419.00. The company has a current ratio of 6.57, a quick ratio of 4.89 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $293.21 and its two-hundred day moving average price is $307.67. The company has a market cap of $9.58 billion, a P/E ratio of -32.43 and a beta of 0.93.

Insider Buying and Selling at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, EVP Michael Crowley sold 369 shares of Bio-Rad Laboratories stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $281.91, for a total value of $104,024.79. Following the completion of the transaction, the executive vice president now owns 6,573 shares of the company’s stock, valued at $1,852,994.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 17.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BIO. StockNews.com downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday. UBS Group lowered their price objective on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Jefferies Financial Group reiterated a “hold” rating and set a $315.00 price objective (down from $440.00) on shares of Bio-Rad Laboratories in a research note on Monday, June 3rd. Citigroup lifted their price objective on shares of Bio-Rad Laboratories from $300.00 to $350.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Royal Bank of Canada decreased their target price on shares of Bio-Rad Laboratories from $402.00 to $401.00 and set an “outperform” rating for the company in a research report on Friday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Bio-Rad Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $421.00.

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.