Treace Medical Concepts (NASDAQ:TMCI) Downgraded to “Equal Weight” at Morgan Stanley

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, Briefing.com reports. They presently have a $5.50 price objective on the stock, down from their prior price objective of $15.00. Morgan Stanley’s price objective would indicate a potential upside of 23.60% from the stock’s previous close.

TMCI has been the topic of several other research reports. Stifel Nicolaus lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $15.00 to $6.00 in a research note on Wednesday. BTIG Research lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $17.00 to $7.00 in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $8.00 in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.57.

Treace Medical Concepts Trading Down 60.0 %

Shares of TMCI traded down $6.67 during trading hours on Wednesday, reaching $4.45. 4,105,144 shares of the company traded hands, compared to its average volume of 501,954. The company’s fifty day moving average price is $12.00 and its two-hundred day moving average price is $11.73. The company has a market capitalization of $274.83 million, a price-to-earnings ratio of -5.26 and a beta of 0.37. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. Treace Medical Concepts has a 12 month low of $4.10 and a 12 month high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The business had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. Treace Medical Concepts’s quarterly revenue was up 21.1% on a year-over-year basis. Equities research analysts predict that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Treace Medical Concepts by 3.9% during the third quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock valued at $54,925,000 after purchasing an additional 155,835 shares during the last quarter. Armistice Capital LLC purchased a new position in shares of Treace Medical Concepts during the fourth quarter valued at approximately $36,414,000. William Blair Investment Management LLC raised its holdings in shares of Treace Medical Concepts by 83.3% during the third quarter. William Blair Investment Management LLC now owns 1,786,001 shares of the company’s stock valued at $23,414,000 after purchasing an additional 811,777 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in shares of Treace Medical Concepts by 22.0% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,749,120 shares of the company’s stock valued at $22,301,000 after purchasing an additional 315,691 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Treace Medical Concepts by 5.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,460,081 shares of the company’s stock valued at $18,616,000 after purchasing an additional 76,030 shares during the last quarter. 84.08% of the stock is owned by hedge funds and other institutional investors.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.