Alphatec (NASDAQ:ATEC) Cut to Neutral at UBS Group

UBS Group lowered shares of Alphatec (NASDAQ:ATEC) from a buy rating to a neutral rating in a report released on Wednesday, MarketBeat reports. They currently have $8.50 price target on the medical technology company’s stock, down from their previous price target of $15.00.

Other analysts have also issued research reports about the stock. Needham & Company LLC dropped their price target on shares of Alphatec from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 30th. JPMorgan Chase & Co. reduced their target price on shares of Alphatec from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Friday, October 30th. Wells Fargo & Company lowered their price objective on shares of Alphatec from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, October 30th. BMO Capital Markets downgraded Alphatec from an “outperform” rating to a “market perform” rating and set a $8.00 target price for the company. in a research note on Friday, October 30th. Finally, Wall Street Zen cut shares of Alphatec from a “buy” rating to a “hold” rating in a research note on Sunday, October 11th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.63.

Alphatec Stock Down 4.6%

Shares of NASDAQ:ATEC opened at $7.44 on Wednesday. Alphatec has a 1 year low of $6.81 and a 1 year high of $23.29. The stock’s fifty day moving average price is $9.97 and its 200-day moving average price is $10.38.

Alphatec (NASDAQ:ATEC) last released its earnings results on Thursday, October 29th. The medical technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). The firm had revenue of $221.17 million during the quarter, compared to the consensus estimate of $225.16 million. Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 10.35%. Alphatec’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. On average, analysts forecast that Alphatec will post -0.40 EPS for the current year.

Insider Activity

In related news, Director David Demski purchased 60,000 shares of the company’s stock in a transaction dated Friday, October 30th. The shares were acquired at an average cost of $6.81 per share, for a total transaction of $408,600.00. Following the transaction, the director owned 491,635 shares of the company’s stock, valued at $3,348,034.35. This trade represents a 13.90% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Miles purchased 115,000 shares of the company’s stock in a transaction dated Thursday, September 10th. The stock was bought at an average cost of $8.81 per share, for a total transaction of $1,013,150.00. Following the completion of the purchase, the chief executive officer directly owned 5,893,551 shares of the company’s stock, valued at $51,922,184.31. The trade was a 1.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 13.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphatec

Several large investors have recently added to or reduced their stakes in ATEC. Paradigm Capital Management Inc. NY bought a new stake in Alphatec in the second quarter worth $9,413,000. Bank of America Corp DE boosted its position in shares of Alphatec by 26.9% during the first quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock worth $27,863,000 after buying an additional 543,059 shares during the period. Aberdeen Group plc lifted its position in shares of Alphatec by 44.1% during the 3rd quarter. Aberdeen Group plc now owns 1,712,328 shares of the medical technology company’s stock worth $17,671,000 after buying an additional 523,747 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Alphatec in the second quarter valued at about $3,092,000. Finally, Penn Capital Management Company LLC boosted its position in Alphatec by 18.9% during the third quarter. Penn Capital Management Company LLC now owns 1,769,971 shares of the medical technology company’s stock worth $18,299,000 after acquiring an additional 281,911 shares during the last quarter. Hedge funds and other institutional investors own 66.35% of the company’s stock.

Alphatec Company Profile

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.