Inogen (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Over the last year, Inogen has outperformed the broader industry in terms of price. The company expects direct-to-consumer sales to be its fastest growing channel, followed by domestic business-to-business sales in the coming quarters, with solid focus in Europe. The company is also upbeat about its full-year 2017 revenue guidance. Solid domestic and international business-to-business sales has been boosting Inogen. The company took a series of strategic initiatives to strengthen its product offerings and market position. On the flip side, declining rental revenues raise concern. Moreover, since the company generates a significant portion of its revenues from the international market, volatile foreign exchange rate will continue to raise concern. Low POC adoption, intensifying competition, reimbursement cuts and foreign exchange headwinds are other major concerns. Reimbursement cuts and foreign exchange headwinds are other major concerns.”
Several other equities research analysts also recently issued reports on INGN. BidaskClub downgraded shares of Inogen from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Needham & Company LLC raised their price objective on shares of Inogen from $108.00 to $125.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, November 8th. Finally, Leerink Swann restated an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $103.14.
In other Inogen news, CFO Alison Bauerlein sold 11,718 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $115.87, for a total transaction of $1,357,764.66. Following the sale, the chief financial officer now owns 11,718 shares of the company’s stock, valued at $1,357,764.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Raymond Huggenberger sold 13,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $116.19, for a total transaction of $1,510,470.00. Following the sale, the director now directly owns 10,208 shares in the company, valued at approximately $1,186,067.52. The disclosure for this sale can be found here. Insiders sold 150,499 shares of company stock worth $17,594,143 over the last three months. 5.31% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of INGN. Lenox Wealth Advisors Inc. acquired a new position in Inogen in the fourth quarter valued at $100,000. IFP Advisors Inc lifted its holdings in Inogen by 0.3% in the second quarter. IFP Advisors Inc now owns 2,086 shares of the medical technology company’s stock valued at $105,000 after buying an additional 6 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Inogen in the first quarter valued at $109,000. Teacher Retirement System of Texas lifted its holdings in Inogen by 40.3% in the second quarter. Teacher Retirement System of Texas now owns 2,208 shares of the medical technology company’s stock valued at $111,000 after buying an additional 634 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Inogen by 35.1% in the first quarter. Legal & General Group Plc now owns 2,738 shares of the medical technology company’s stock valued at $117,000 after buying an additional 712 shares during the period.
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Inogen Company Profile
Inogen, Inc is a medical technology company. The Company develops, manufactures and markets portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device.
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