Alphatec (NASDAQ:ATEC) Stock Price Target Cut by Canaccord Genuity Group

Alphatec (NASDAQ:ATEC) had its price target lowered by research analysts at Canaccord Genuity Group from $19.00 to $16.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the medical technology company’s stock. Canaccord Genuity Group‘s target price points to a potential upside of 127.27% from the company’s previous close.

A number of other equities analysts have also recently weighed in on ATEC. Weiss Ratings reissued a “sell (d-)” rating on shares of Alphatec in a research report on Friday. Wells Fargo & Company reduced their price target on Alphatec from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. BMO Capital Markets lowered Alphatec from an “outperform” rating to a “market perform” rating and set a $8.00 price objective for the company. in a research note on Friday. Needham & Company LLC dropped their price objective on Alphatec from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday. Finally, Stifel Nicolaus cut their target price on Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alphatec has an average rating of “Moderate Buy” and an average target price of $16.13.

Alphatec Stock Performance

NASDAQ ATEC opened at $7.04 on Friday. The company has a fifty day simple moving average of $10.14 and a two-hundred day simple moving average of $10.62. The stock has a market cap of $1.09 billion, a P/E ratio of -12.80 and a beta of 0.88. Alphatec has a 12-month low of $6.81 and a 12-month high of $23.29.

Alphatec (NASDAQ:ATEC) last posted its quarterly earnings data on Thursday, October 29th. The medical technology company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $221.17 million for the quarter, compared to analysts’ expectations of $225.16 million. Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 10.35%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 EPS. As a group, sell-side analysts forecast that Alphatec will post -0.45 earnings per share for the current year.

Insider Buying and Selling at Alphatec

In other Alphatec news, General Counsel Tyson Marshall sold 8,168 shares of Alphatec stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $9.65, for a total value of $78,821.20. Following the transaction, the general counsel owned 630,398 shares of the company’s stock, valued at approximately $6,083,340.70. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Patrick Miles purchased 115,000 shares of Alphatec stock in a transaction on Thursday, September 10th. The shares were purchased at an average cost of $8.81 per share, with a total value of $1,013,150.00. Following the transaction, the chief executive officer owned 5,893,551 shares in the company, valued at approximately $51,922,184.31. The trade was a 1.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 13.48% of the company’s stock.

Hedge Funds Weigh In On Alphatec

Several large investors have recently bought and sold shares of the company. Paradigm Capital Management Inc. NY acquired a new stake in shares of Alphatec in the second quarter valued at about $9,413,000. Bank of America Corp DE increased its position in Alphatec by 26.9% during the 1st quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock valued at $27,863,000 after purchasing an additional 543,059 shares during the period. FirstWave Capital Management LLC acquired a new stake in shares of Alphatec during the second quarter worth $1,244,000. Emerald Advisers LLC raised its stake in Alphatec by 10.4% during the first quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company’s stock worth $19,664,000 after buying an additional 169,578 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Alphatec in the second quarter valued at $3,092,000. 66.35% of the stock is currently owned by institutional investors.

About Alphatec

Alphatec Holdings, Inc is a medical technology company focused on the design, development and commercialization of products and procedural solutions for spine surgery. The company aims to improve the treatment of spinal disorders through technologies that support spinal fusion, deformity correction, reconstruction and minimally invasive procedures.

Its portfolio includes spinal implants, surgical instruments, navigation and imaging technologies, and intraoperative monitoring solutions.