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Two Banks Downgrade Serologicals Despite Strong Profit Growth, $1.4B Millipore Buyout

Apr 27, 2006

NEW YORK, April 27 (GenomeWeb News) - Two investment banks today have downgraded Serologicals' stock despite string first-quarter profit growth.

 

Banc of America Securities downgraded the shares to 'Neutral' from 'Buy,' while Matrix Research downgraded the stock to 'Hold' from 'Buy.'

 

As GenomeWeb News reported yesterday, Serologicals said that first-quarter revenues slipped 2.8 percent as R&D spending jumped 11 percent and profits nearly doubled.

 

One day earlier, the company said it would be acquired by Millipore for $1.4 billion.

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