“We recently had the opportunity to host a fireside chat with ConforMIS management as well as visit the company’s booth at AAOS. Overall, we came away incrementally positive on the opportunities ahead of ConforMIS and continue to think commercial momentum through the H1/18 could represent an inflection point in the business. Specifically, we think the commercial changes implemented mid-2017, including new leadership, sales rep hiring, and the build-out of a corporate accounts team position the company with the opportunity for increased productivity into the H2/18. From our recent meetings with management, we highlight additional clinical data that bolsters the company’s implant technology and a strong product pipeline that should support market momentum over the next several years.”,” Canaccord Genuity’s analyst commented.
CFMS has been the subject of several other reports. Zacks Investment Research cut ConforMIS from a hold rating to a sell rating in a research note on Wednesday, January 24th. JPMorgan Chase & Co. cut ConforMIS from a neutral rating to an underweight rating in a research note on Tuesday, January 2nd. Cowen started coverage on ConforMIS in a research note on Wednesday, February 21st. They set an outperform rating and a $4.00 target price for the company. Oppenheimer set a $4.00 target price on ConforMIS and gave the stock a buy rating in a research note on Thursday, February 8th. Finally, BTIG Research restated a buy rating and set a $4.00 target price on shares of ConforMIS in a research note on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $4.75.
ConforMIS (NASDAQ:CFMS) last released its earnings results on Wednesday, February 7th. The medical instruments supplier reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.03. ConforMIS had a negative return on equity of 78.44% and a negative net margin of 68.59%. The firm had revenue of $20.80 million during the quarter, compared to analysts’ expectations of $20.07 million. During the same period in the prior year, the company earned ($0.37) earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. analysts forecast that ConforMIS will post -0.86 EPS for the current fiscal year.
In other news, CEO Mark A. Augusti sold 16,548 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $2.27, for a total value of $37,563.96. Following the completion of the transaction, the chief executive officer now directly owns 285,007 shares in the company, valued at approximately $646,965.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 39,502 shares of company stock valued at $79,928 over the last 90 days. Corporate insiders own 9.55% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CFMS. Prosight Management LP bought a new position in shares of ConforMIS in the 4th quarter valued at $952,000. Renaissance Technologies LLC lifted its stake in shares of ConforMIS by 627.0% in the 4th quarter. Renaissance Technologies LLC now owns 346,800 shares of the medical instruments supplier’s stock valued at $825,000 after acquiring an additional 299,100 shares during the last quarter. Granite Investment Partners LLC bought a new position in shares of ConforMIS in the 3rd quarter valued at $859,000. Ark Investment Management LLC lifted its stake in shares of ConforMIS by 208.5% in the 2nd quarter. Ark Investment Management LLC now owns 192,378 shares of the medical instruments supplier’s stock valued at $825,000 after acquiring an additional 130,009 shares during the last quarter. Finally, ARK Investment Management LLC lifted its stake in shares of ConforMIS by 44.0% in the 4th quarter. ARK Investment Management LLC now owns 390,564 shares of the medical instruments supplier’s stock valued at $930,000 after acquiring an additional 119,355 shares during the last quarter. Institutional investors own 24.21% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This piece was originally posted by Ticker Report and is the sole property of of Ticker Report. If you are reading this piece on another website, it was illegally copied and reposted in violation of US & international copyright laws. The legal version of this piece can be read at https://www.tickerreport.com/banking-finance/3259464/conformis-cfms-given-hold-rating-at-canaccord-genuity.html.
ConforMIS Company Profile
ConforMIS, Inc is a medical technology company. The Company uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants, which are individually sized and shaped, to fit each patient’s anatomy. The Company’s iFit technology platform is applicable to various joints.
Receive News & Ratings for ConforMIS Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConforMIS and related companies with MarketBeat.com's FREE daily email newsletter.