Bio-Rad Laboratories, Inc. (NYSE:BIO) announced today that they have received FDA clearance for their TANGO infinity® blood typing and screening system in the U.S. market. The system, which is easy to both learn and use, has a high capacity to load samples and reagents, meaning it requires far less hands-on time than other systems. This is big news for the company who first introduced the system to market outside the U.S. last years.
“We are pleased to introduce the TANGO infinity to U.S. markets,” said John Hertia, Bio-Rad President, Clinical Diagnostics Group. “The system is designed to minimize manual steps to improve laboratory work flow and process samples with new security features. The availability of the TANGO infinity broadens our immunohematology product offering for U.S. markets.”
It will be interesting to see how shares react tomorrow morning following this news. The stock increased 1.45% or $1.96 during the last trading session, hitting $136.97. About 226,745 shares traded hands or up 122.98% from the average. BIO has declined 8.34% since May 18, 2015 and is currently downtrending. It has underperformed the S&P500 by 6.08%.
The institutional sentiment increased to 1.16 in Q2 2015. It’s up 0.03, from 1.13 in 2015Q2. The ratio increased, as 18 funds sold all their Bio-Rad Laboratories, Inc. shares they owned while 83 reduced their positions. 34 funds bought stakes while 83 increased their total positions. Institutions now own 27.73 million shares which is 49.97% more than the previous share count of 18.49 million in 2015Q2.
Tikvah Management Llc holds 8.16% of its total portfolio in Bio-Rad Laboratories, Inc., equating to 109,107 shares. Sector Gamma As owns 115,100 shares representing 4.19% of their total US portfolio. Moreover, Intrepid Capital Management Inc has 3.39% of their total portfolio invested in the company, equating to 72,612 shares. The Massachusetts-based Copper Rock Capital Partners Llc has a total of 2.01% of their portfolio invested in the stock. Atlanta Capital Management Co L L C, a Georgia-based fund reported 1.74 million shares owned.
Bio-Rad Laboratories, Inc. makes and supplies products and systems used for the life science research, healthcare, analytical chemistry and other markets. The company has a market cap of $3.98 billion. The Firm offers products to separate complex chemical and biological materials, and to identify, analyze and purify their components. It has 39.13 P/E ratio. Bio-Rad operates in two divisions: Life Science and Clinical Diagnostics.