Bank of New York Mellon Corp lowered its stake in shares of Intersect ENT Inc. (NASDAQ:XENT) by 13.7% during the second quarter, Holdings Channel reports. The institutional investor owned 92,733 shares of the company’s stock after selling 14,666 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of Intersect ENT worth $1,199,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in XENT. Metropolitan Life Insurance Co. NY raised its stake in Intersect ENT by 44.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 15,078 shares of the company’s stock valued at $286,000 after buying an additional 4,629 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Intersect ENT during the second quarter valued at about $142,000. Kornitzer Capital Management Inc. KS raised its stake in Intersect ENT by 32.7% in the second quarter. Kornitzer Capital Management Inc. KS now owns 169,100 shares of the company’s stock valued at $2,186,000 after buying an additional 41,700 shares in the last quarter. Granahan Investment Management Inc. MA raised its stake in Intersect ENT by 28.0% in the first quarter. Granahan Investment Management Inc. MA now owns 549,321 shares of the company’s stock valued at $10,437,000 after buying an additional 120,286 shares in the last quarter. Finally, Bellevue Group AG bought a new stake in Intersect ENT during the first quarter valued at about $3,976,000. 77.80% of the stock is owned by institutional investors and hedge funds.
Intersect ENT Inc. (NASDAQ:XENT) traded up 0.30% during midday trading on Friday, hitting $16.55. The company had a trading volume of 101,294 shares. Intersect ENT Inc. has a 1-year low of $11.88 and a 1-year high of $23.00. The company has a 50 day moving average price of $15.70 and a 200 day moving average price of $15.49. The firm’s market capitalization is $470.91 million.
Intersect ENT (NASDAQ:XENT) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.05. The company earned $19.30 million during the quarter, compared to analyst estimates of $18.91 million. Intersect ENT had a negative return on equity of 23.31% and a negative net margin of 42.97%. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) EPS. Equities research analysts forecast that Intersect ENT Inc. will post ($0.96) earnings per share for the current fiscal year.
Several analysts have issued reports on the company. Canaccord Genuity reissued a “buy” rating and set a $20.00 price target on shares of Intersect ENT in a report on Thursday, August 4th. Wedbush reissued an “outperform” rating and set a $25.00 price target on shares of Intersect ENT in a report on Wednesday, August 3rd. Zacks Investment Research lowered Intersect ENT from a “buy” rating to a “hold” rating in a report on Wednesday, August 10th. BTIG Research assumed coverage on Intersect ENT in a report on Tuesday, July 12th. They set a “neutral” rating for the company. Finally, Piper Jaffray Cos. reissued an “overweight” rating and set a $21.00 price target on shares of Intersect ENT in a report on Friday, August 26th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Intersect ENT currently has an average rating of “Buy” and a consensus price target of $22.00.
In other Intersect ENT news, VP James Stambaugh sold 3,977 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $17.00, for a total transaction of $67,609.00. Following the sale, the vice president now directly owns 27,977 shares of the company’s stock, valued at approximately $475,609. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Wolbeck sold 28,664 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $15.83, for a total value of $453,751.12. Following the sale, the vice president now directly owns 18,076 shares in the company, valued at $286,143.08. The disclosure for this sale can be found here. Company insiders own 13.90% of the company’s stock.
Intersect ENT Company Profile
Intersect ENT, Inc is a commercial stage drug-device company. The Company develops drugs for patients with ear, nose and throat (ENT) conditions. It has developed a drug releasing bio-absorbable implant technology that enables targeted and sustained release of therapeutic agents. Its commercial products are the PROPEL and PROPEL mini drug-releasing implants for patients undergoing sinus surgery to treat chronic sinusitis.
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