ConforMIS (NASDAQ:CFMS)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Monday.
The analysts wrote, “We recently had the opportunity to host a fireside chat with ConforMIS management as well as visit the company’s booth at AAOS. Overall, we came away incrementally positive on the opportunities ahead of ConforMIS and continue to think commercial momentum through the H1/18 could represent an inflection point in the business. Specifically, we think the commercial changes implemented mid-2017, including new leadership, sales rep hiring, and the build-out of a corporate accounts team position the company with the opportunity for increased productivity into the H2/18. From our recent meetings with management, we highlight additional clinical data that bolsters the company’s implant technology and a strong product pipeline that should support market momentum over the next several years.””
A number of other equities analysts also recently weighed in on CFMS. Oppenheimer set a $4.00 target price on shares of ConforMIS and gave the stock a “buy” rating in a report on Thursday, February 8th. Zacks Investment Research upgraded shares of ConforMIS from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Cowen began coverage on shares of ConforMIS in a report on Wednesday, February 21st. They set an “outperform” rating and a $4.00 target price on the stock. JPMorgan Chase & Co. downgraded shares of ConforMIS from a “neutral” rating to an “underweight” rating in a report on Tuesday, January 2nd. Finally, BTIG Research upgraded shares of ConforMIS from a “neutral” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Wednesday, December 20th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $4.75.
ConforMIS (NASDAQ:CFMS) last issued its earnings results on Wednesday, February 7th. The medical instruments supplier reported ($0.27) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.03. The business had revenue of $20.80 million for the quarter, compared to the consensus estimate of $20.07 million. ConforMIS had a negative net margin of 68.59% and a negative return on equity of 78.44%. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.37) earnings per share. equities analysts predict that ConforMIS will post -0.86 EPS for the current year.
In other ConforMIS news, CEO Mark A. Augusti sold 16,548 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $2.27, for a total value of $37,563.96. Following the transaction, the chief executive officer now directly owns 285,007 shares in the company, valued at $646,965.89. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 39,502 shares of company stock worth $79,928. Corporate insiders own 9.55% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its holdings in shares of ConforMIS by 21.4% in the second quarter. The Manufacturers Life Insurance Company now owns 37,121 shares of the medical instruments supplier’s stock valued at $158,000 after purchasing an additional 6,535 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of ConforMIS by 31.1% in the second quarter. Alliancebernstein L.P. now owns 40,000 shares of the medical instruments supplier’s stock valued at $172,000 after purchasing an additional 9,500 shares during the last quarter. Two Sigma Investments LP acquired a new position in shares of ConforMIS in the fourth quarter valued at $130,000. Wells Fargo & Company MN increased its holdings in shares of ConforMIS by 2.0% in the second quarter. Wells Fargo & Company MN now owns 55,021 shares of the medical instruments supplier’s stock valued at $236,000 after purchasing an additional 1,091 shares during the last quarter. Finally, Teachers Advisors LLC increased its holdings in shares of ConforMIS by 13.1% in the second quarter. Teachers Advisors LLC now owns 83,238 shares of the medical instruments supplier’s stock valued at $357,000 after purchasing an additional 9,673 shares during the last quarter. Hedge funds and other institutional investors own 24.21% of the company’s stock.
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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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