SeaSpine (NASDAQ:SPNE) Shares Gap Up to $21.41


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SeaSpine Holdings Co. (NASDAQ:SPNE) gapped up prior to trading on Tuesday . The stock had previously closed at $21.41, but opened at $21.98. SeaSpine shares last traded at $21.00, with a volume of 3,448 shares trading hands.

Several equities analysts have recently weighed in on the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $25.00 price objective on shares of SeaSpine in a research note on Tuesday, March 23rd. Piper Sandler lifted their price objective on SeaSpine from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, January 29th. Zacks Investment Research raised SeaSpine from a “strong sell” rating to a “hold” rating in a research note on Friday, March 5th. BTIG Research boosted their price target on SeaSpine from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, April 6th. They noted that the move was a valuation call. Finally, Wells Fargo & Company raised SeaSpine from an “equal weight” rating to an “overweight” rating and set a $24.00 price target on the stock in a research report on Wednesday, April 14th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. SeaSpine currently has an average rating of “Buy” and an average target price of $22.00.

The firm has a market cap of $565.81 million, a price-to-earnings ratio of -12.82 and a beta of 1.24. The company has a fifty day moving average price of $19.80 and a two-hundred day moving average price of $17.26.

SeaSpine (NASDAQ:SPNE) last announced its quarterly earnings data on Sunday, May 2nd. The medical equipment provider reported ($0.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.16). SeaSpine had a negative net margin of 27.32% and a negative return on equity of 24.38%. Research analysts predict that SeaSpine Holdings Co. will post -1.43 earnings per share for the current year.

In other news, Director Renee Gaeta sold 2,920 shares of the company’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $18.28, for a total value of $53,377.60. Corporate insiders own 9.76% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC raised its position in shares of SeaSpine by 2.8% during the fourth quarter. Squarepoint Ops LLC now owns 33,270 shares of the medical equipment provider’s stock worth $581,000 after purchasing an additional 913 shares during the period. JNBA Financial Advisors acquired a new stake in shares of SeaSpine during the first quarter worth $26,000. Engineers Gate Manager LP raised its position in shares of SeaSpine by 16.7% during the fourth quarter. Engineers Gate Manager LP now owns 15,071 shares of the medical equipment provider’s stock worth $263,000 after purchasing an additional 2,161 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of SeaSpine by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 155,185 shares of the medical equipment provider’s stock worth $2,708,000 after purchasing an additional 2,394 shares during the period. Finally, Citigroup Inc. raised its position in shares of SeaSpine by 299.1% during the fourth quarter. Citigroup Inc. now owns 5,072 shares of the medical equipment provider’s stock worth $89,000 after purchasing an additional 3,801 shares during the period. 76.72% of the stock is currently owned by institutional investors.

About SeaSpine (NASDAQ:SPNE)

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

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