Thoratec Corp. Trading Down 6.5% After Analyst Downgrade (THOR)
Thoratec Corp. (NASDAQ:THOR) fell 6.5% during mid-day trading on Wednesday after Canaccord Genuity lowered their price target on the stock from $40.00 to $37.00, AR Network reports. Canaccord Genuity currently has a buy rating on the stock. Thoratec Corp. traded as low as $30.06 and last traded at $30.73, with a volume of 913,541 shares. The stock had previously closed at $32.85.
A number of other firms have also recently commented on THOR. Analysts at Ned Davis Research upgraded shares of Thoratec Corp. from a “neutral” rating to a “buy” rating in a research note on Monday, April 28th. Analysts at BTIG Research initiated coverage on shares of Thoratec Corp. in a research note on Thursday, February 20th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $43.08.
The stock’s 50-day moving average is $34.27 and its 200-day moving average is $36.80. The company has a market cap of $1.762 billion and a P/E ratio of 26.07.
Thoratec Corp. (NASDAQ:THOR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.39 by $0.02. The company had revenue of $125.70 million for the quarter, compared to the consensus estimate of $122.56 million. During the same quarter in the prior year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts expect that Thoratec Corp. will post $1.75 EPS for the current fiscal year.
Thoratec Corporation is engaged in mechanical circulatory support with a product portfolio to treat the range of clinical needs for advanced heart failure (NASDAQ:THOR) patients.
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