ABIOMED, Inc. (ABMD) Downgraded by Zacks Investment Research to Hold
ABIOMED, Inc. (NASDAQ:ABMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Over the last one month, Abiomed has been trading above the broader Medical Instruments industry. Management expects that robust demand for the Impella product line will continue to drive Abiomed’s top line. The company’s expanding product portfolio will improve penetration into both the prophylactic high-risk PCI and cardiogenic shock patient market. This is evident from the fact that both Impella 2.5 and CP continue to add centers in the U.S. The company also announced the successful launch of the Abiomed Impella Quality Program in fiscal 2017 to improve clinical outcomes. Also, cost-savings efforts remain encouraging. Furthermore, a rising estimate revision trend for the current year indicates a pocket of opportunity for the stock. However, intensifying competition in the niche markets is likely to mar prospects over the long haul.”
ABMD has been the topic of a number of other reports. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price objective (up from $135.00) on shares of ABIOMED in a research note on Monday, July 10th. William Blair reissued an “outperform” rating on shares of ABIOMED in a research note on Thursday, June 8th. Piper Jaffray Companies set a $145.00 price objective on shares of ABIOMED in a research note on Tuesday, July 4th. BidaskClub cut shares of ABIOMED from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $165.00 price objective on shares of ABIOMED in a research note on Friday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. ABIOMED currently has a consensus rating of “Buy” and an average price target of $156.86.
Shares of ABIOMED (ABMD) traded up 1.43% during mid-day trading on Monday, hitting $153.17. 122,481 shares of the stock traded hands. ABIOMED has a 12-month low of $95.14 and a 12-month high of $153.36. The firm’s 50 day moving average price is $143.76 and its 200 day moving average price is $128.87. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of 89.57 and a beta of 0.20.
ABIOMED (NASDAQ:ABMD) last issued its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The firm had revenue of $132.47 million for the quarter, compared to analysts’ expectations of $130.83 million. ABIOMED had a net margin of 16.13% and a return on equity of 13.03%. The firm’s revenue was up 28.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 EPS. On average, equities research analysts predict that ABIOMED will post $2.24 EPS for the current fiscal year.
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In other ABIOMED news, VP Michael G. Howley sold 18,279 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $133.56, for a total transaction of $2,441,343.24. Following the sale, the vice president now directly owns 62,105 shares of the company’s stock, valued at approximately $8,294,743.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David M. Weber sold 16,500 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $147.63, for a total transaction of $2,435,895.00. Following the sale, the chief operating officer now directly owns 125,122 shares in the company, valued at $18,471,760.86. The disclosure for this sale can be found here. 7.00% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in ABIOMED by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 132,006 shares of the medical equipment provider’s stock valued at $14,875,000 after buying an additional 4,990 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in ABIOMED during the fourth quarter valued at about $486,000. Teachers Advisors LLC boosted its stake in ABIOMED by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 42,452 shares of the medical equipment provider’s stock valued at $4,783,000 after buying an additional 2,608 shares in the last quarter. Creative Planning boosted its stake in ABIOMED by 16.4% in the first quarter. Creative Planning now owns 916 shares of the medical equipment provider’s stock valued at $115,000 after buying an additional 129 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in ABIOMED by 48.7% in the first quarter. Bank of Montreal Can now owns 19,902 shares of the medical equipment provider’s stock valued at $2,492,000 after buying an additional 6,520 shares in the last quarter. 90.51% of the stock is currently owned by institutional investors.
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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