NEW YORK (GenomeWeb News) – Shares of Cepheid fell as low as $14.67 in Wednesday trade on the Nasdaq, nearing a 52-week low of $14.27.
The stock fell following a downgrade from investment bank Piper Jaffray from “Buy” to “Neutral.”
Cepheid’s shares were down 2.5 percent at $15.45 in early afternoon trade. The firm’s stock is down 41 percent since the beginning of the year.
Though Cepheid reported at the end of July a 55 percent increase in second-quarter revenues, the firm lowered its revenue guidance for the year to a range of between $173 million and $177 million from an earlier forecast of $183 million to $190 million.