ABIOMED (ABMD) Cut to “Hold” at Zacks Investment Research

ABIOMED (NASDAQ:ABMD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “In the fourth quarter, ABIOMED reported stellar performance, beating the Zacks Consensus Estimates for both revenue and earnings. The robust demand for the Impella product line continues to drive Abiomed’s top line. The company’s expanding product portfolio is likely to improve penetration into the prophylactic high-risk PCI and cardiogenic shock patient market. This is evident from the fact that Impella 2.5 and CP continue to add centers in the United States. The company successfully launched the Abiomed Impella Quality Program in 2017 to improve clinical outcomes. New achievements in the last quarter, are also encouraging. However, intense competition in the niche markets is likely to mar prospects over the long haul. Abiomed’s significant international presence exposes it to fluctuations in currency exchange rates. The company is likely to face increasing pricing pressure, thanks to growing competition in key markets.”

Several other research analysts also recently issued reports on the stock. BTIG Research reiterated a “hold” rating on shares of ABIOMED in a research report on Sunday. Leerink Swann upped their price target on shares of ABIOMED to $300.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley upped their price target on shares of ABIOMED from $204.00 to $259.00 and gave the stock an “equal weight” rating in a research report on Friday. Guggenheim reiterated a “buy” rating and set a $280.00 price target on shares of ABIOMED in a research report on Friday. Finally, Jefferies Group reiterated a “buy” rating and set a $300.00 price target on shares of ABIOMED in a research report on Thursday, February 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $263.86.

Shares of ABIOMED (NASDAQ ABMD) traded down $7.26 during trading hours on Tuesday, hitting $232.11. 916,496 shares of the stock traded hands, compared to its average volume of 319,745. ABIOMED has a 52 week low of $105.11 and a 52 week high of $255.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.60 and a quick ratio of 4.98. The firm has a market cap of $10,260.00, a P/E ratio of 117.23, a PEG ratio of 3.22 and a beta of 0.36.

ABIOMED (NASDAQ:ABMD) last issued its quarterly earnings results on Thursday, February 1st. The medical equipment provider reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.20. The business had revenue of $154.00 million for the quarter, compared to the consensus estimate of $154.00 million. ABIOMED had a net margin of 16.58% and a return on equity of 15.54%. The firm’s quarterly revenue was up 34.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. equities research analysts predict that ABIOMED will post 2.45 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC raised its holdings in ABIOMED by 282.5% during the 2nd quarter. Lord Abbett & CO. LLC now owns 60,882 shares of the medical equipment provider’s stock worth $8,724,000 after purchasing an additional 44,967 shares during the last quarter. State of Tennessee Treasury Department bought a new stake in ABIOMED during the 3rd quarter worth about $5,058,000. Janney Montgomery Scott LLC raised its holdings in ABIOMED by 46.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 2,903 shares of the medical equipment provider’s stock worth $489,000 after purchasing an additional 919 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in ABIOMED during the 3rd quarter worth about $1,530,000. Finally, State Treasurer State of Michigan raised its holdings in ABIOMED by 34.6% during the 3rd quarter. State Treasurer State of Michigan now owns 190,800 shares of the medical equipment provider’s stock worth $32,169,000 after purchasing an additional 49,000 shares during the last quarter. 90.65% of the stock is owned by hedge funds and other institutional investors.

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ABIOMED Company Profile

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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