Abaxis falls on analyst downgrade, lower Q1 earnings
Abaxis Inc. (Nasdaq:ABAX) is down 13% today after analysts at SunTrust Robinson Humphrey downgraded the portable blood analysis systems manufacturer to “neutral” from “buy.” The news came on the heels of Abaxis reporting a drop in its first-quarter earnings after Thursday’s close. For the quarter ended June 30, net income was $2.8 million, or $0.12 per share, compared with $3.1 million, or $0.14 a share, for the same quarter a year ago. Revenues were $24.6 million versus $22.9 million in the period a year earlier.
In today’s trading, shares are at $20.06 at 11:42 a.m. ET, up $3.02 from Thursday’s close. Trading volume is nearly double the average number of shares.
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