ConforMIS, Inc. (NASDAQ:CFMS) Price Target Lowered to $6.00 at Canaccord Genuity
ConforMIS, Inc. (NASDAQ:CFMS) had its target price dropped by equities research analysts at Canaccord Genuity from $8.00 to $6.00 in a report issued on Friday. The brokerage currently has a “hold” rating on the medical instruments supplier’s stock. Canaccord Genuity’s price objective indicates a potential upside of 60.00% from the company’s previous close.
Several other analysts also recently weighed in on the company. Oppenheimer Holdings, Inc. set a $6.00 price objective on ConforMIS and gave the stock a “buy” rating in a research report on Friday. Deutsche Bank AG restated a “hold” rating and set a $5.00 price objective (down from $6.00) on shares of ConforMIS in a research report on Friday. BTIG Research restated a “hold” rating on shares of ConforMIS in a research report on Sunday, July 16th. Zacks Investment Research upgraded ConforMIS from a “sell” rating to a “buy” rating and set a $4.75 price objective for the company in a research report on Wednesday, July 12th. Finally, B. Riley restated a “buy” rating and set a $7.50 price objective on shares of ConforMIS in a research report on Tuesday, May 16th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $7.75.
Shares of ConforMIS (CFMS) traded down 12.38% during mid-day trading on Friday, hitting $3.75. The stock had a trading volume of 2,375,928 shares. The company’s market capitalization is $164.44 million. The stock’s 50-day moving average price is $4.44 and its 200 day moving average price is $5.42. ConforMIS has a 1-year low of $3.22 and a 1-year high of $10.93.
ConforMIS (NASDAQ:CFMS) last announced its quarterly earnings data on Thursday, August 3rd. The medical instruments supplier reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.08. ConforMIS had a negative return on equity of 62.20% and a negative net margin of 72.87%. The business had revenue of $18.50 million during the quarter, compared to the consensus estimate of $19.34 million. During the same period in the prior year, the company earned ($0.34) EPS. ConforMIS’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts predict that ConforMIS will post ($1.43) EPS for the current fiscal year.
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In other ConforMIS news, Director Bradley Langdale sold 6,722 shares of the company’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $4.30, for a total value of $28,904.60. Following the completion of the transaction, the director now owns 26,533 shares of the company’s stock, valued at approximately $114,091.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.55% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Marathon Capital Management purchased a new position in shares of ConforMIS during the first quarter worth about $1,052,000. Columbus Circle Investors purchased a new position in shares of ConforMIS during the first quarter worth about $792,000. Goldman Sachs Group Inc. boosted its position in shares of ConforMIS by 1,313.6% in the first quarter. Goldman Sachs Group Inc. now owns 148,147 shares of the medical instruments supplier’s stock worth $773,000 after buying an additional 137,667 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of ConforMIS by 2.4% in the first quarter. Wellington Management Group LLP now owns 5,644,206 shares of the medical instruments supplier’s stock worth $29,463,000 after buying an additional 132,211 shares during the last quarter. Finally, Spark Investment Management LLC purchased a new position in shares of ConforMIS during the second quarter worth about $430,000. 39.16% of the stock is owned by institutional investors and hedge funds.
ConforMIS, Inc is a medical technology company. The Company uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants, which are individually sized and shaped, to fit each patient’s anatomy. The Company’s iFit technology platform is applicable to various joints.
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