Zacks Investment Research Downgrades Endologix Inc. (ELGX) to Sell
Endologix Inc. (NASDAQ:ELGX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Endologix, Inc. develops, manufactures and markets products for the treatment of coronary and vascular diseases. A leader in the emerging field of vascular brachytherapy, Endologix, has developed a unique method for the delivery of radiation to prevent restenosis following the interventional treatment of atherosclerosis. “
Several other equities research analysts also recently commented on ELGX. Piper Jaffray Cos. reiterated an “overweight” rating and set a $15.00 target price on shares of Endologix in a report on Monday, June 13th. Leerink Swann set a $13.00 target price on Endologix and gave the company a “hold” rating in a report on Saturday, September 17th. BTIG Research reiterated a “buy” rating and set a $16.00 target price on shares of Endologix in a report on Wednesday, August 3rd. Canaccord Genuity reiterated a “buy” rating on shares of Endologix in a report on Tuesday, July 12th. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $16.00 target price (up from $15.00) on shares of Endologix in a report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $13.79.
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Shares of Endologix (NASDAQ:ELGX) opened at 12.87 on Tuesday. The firm has a 50-day moving average price of $12.49 and a 200-day moving average price of $11.98. The stock’s market cap is $1.06 billion. Endologix has a 52 week low of $6.51 and a 52 week high of $14.50.
Endologix (NASDAQ:ELGX) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.07. The company had revenue of $51 million for the quarter, compared to the consensus estimate of $46.30 million. Endologix had a negative return on equity of 41.88% and a negative net margin of 82.39%. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same period last year, the business posted ($0.18) EPS. On average, analysts forecast that Endologix will post ($0.74) earnings per share for the current fiscal year.
In related news, VP Jose A. Lima sold 4,710 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $11.68, for a total transaction of $55,012.80. Following the completion of the transaction, the vice president now owns 42,594 shares in the company, valued at approximately $497,497.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael V. Chobotov sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $12.40, for a total value of $173,600.00. Following the transaction, the insider now owns 189,269 shares of the company’s stock, valued at approximately $2,346,935.60. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Capital Management LLC raised its position in Endologix by 2.7% in the second quarter. Janus Capital Management LLC now owns 7,345,861 shares of the company’s stock worth $91,529,000 after buying an additional 192,182 shares in the last quarter. Vanguard Group Inc. raised its position in Endologix by 3.5% in the second quarter. Vanguard Group Inc. now owns 5,575,344 shares of the company’s stock worth $69,468,000 after buying an additional 187,246 shares in the last quarter. Brown Capital Management LLC bought a new position in Endologix during the second quarter worth about $60,477,000. Redmile Group LLC raised its position in Endologix by 60.5% in the second quarter. Redmile Group LLC now owns 3,962,753 shares of the company’s stock worth $49,376,000 after buying an additional 1,493,906 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its position in Endologix by 18.5% in the second quarter. TimesSquare Capital Management LLC now owns 3,136,135 shares of the company’s stock worth $39,076,000 after buying an additional 489,000 shares in the last quarter.
Endologix Company Profile
Endologix, Inc is engaged in developing, manufacturing, marketing and selling medical devices for the treatment of aortic disorders. The Company’s products are intended for the treatment of abdominal aortic aneurysms (AAA). The AAA products are built on one of two platforms, including traditional minimally invasive endovascular repair (EVAR) or endovascular sealing (EVAS), its solution for sealing the aneurysm sac while maintaining blood flow through two blood flow lumens.
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