The Spectranetics Corporation (NASDAQ:SPNC) was downgraded by equities researchers at Canaccord Genuity from a “buy” rating to a “hold” rating in a report released on Monday, The Fly reports.

A number of other equities analysts have also recently issued reports on SPNC. Zacks Investment Research cut The Spectranetics Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Needham & Company LLC reiterated a “buy” rating and set a $38.50 target price on shares of The Spectranetics Corporation in a report on Wednesday, June 28th. Northland Securities reiterated a “buy” rating and set a $32.00 target price on shares of The Spectranetics Corporation in a report on Friday, April 28th. BidaskClub cut The Spectranetics Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Northcoast Research cut The Spectranetics Corporation from a “buy” rating to a “neutral” rating in a report on Thursday, June 29th. Eight research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The Spectranetics Corporation currently has an average rating of “Hold” and an average target price of $32.00.

The Spectranetics Corporation (NASDAQ:SPNC) opened at 38.40 on Monday. The Spectranetics Corporation has a one year low of $19.80 and a one year high of $38.50. The stock’s 50 day moving average price is $28.96 and its 200-day moving average price is $27.36. The stock’s market cap is $1.67 billion.

The Spectranetics Corporation (NASDAQ:SPNC) last issued its quarterly earnings data on Thursday, April 27th. The medical equipment provider reported ($0.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $0.09. The business had revenue of $69.70 million for the quarter, compared to analyst estimates of $68.19 million. The Spectranetics Corporation had a negative return on equity of 63.11% and a negative net margin of 21.38%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.32) EPS. On average, analysts predict that The Spectranetics Corporation will post ($1.14) earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This report was originally published by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was copied illegally and reposted in violation of international trademark & copyright laws. The correct version of this report can be read at https://www.americanbankingnews.com/2017/07/10/canaccord-genuity-lowers-the-spectranetics-corporation-nasdaqspnc-to-hold.html.

Several institutional investors have recently made changes to their positions in SPNC. Russell Investments Group Ltd. bought a new position in shares of The Spectranetics Corporation during the fourth quarter valued at $861,000. Columbus Circle Investors bought a new position in shares of The Spectranetics Corporation during the third quarter valued at $9,104,000. Kornitzer Capital Management Inc. KS bought a new position in shares of The Spectranetics Corporation during the fourth quarter valued at $7,641,000. California State Teachers Retirement System boosted its position in shares of The Spectranetics Corporation by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 78,596 shares of the medical equipment provider’s stock valued at $1,184,000 after buying an additional 1,478 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of The Spectranetics Corporation during the first quarter valued at $277,000. Institutional investors own 92.50% of the company’s stock.

About The Spectranetics Corporation

The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.

The Fly

Analyst Recommendations for The Spectranetics Corporation (NASDAQ:SPNC)

Receive News & Ratings for The Spectranetics Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Spectranetics Corporation and related companies with MarketBeat.com's FREE daily email newsletter.