Zacks Investment Research upgraded shares of ConforMIS (NASDAQ:CFMS) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $1.50 price objective on the medical instruments supplier’s stock.
According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “
CFMS has been the topic of several other reports. Canaccord Genuity raised shares of ConforMIS from a hold rating to a buy rating and set a $4.00 price target on the stock in a research note on Tuesday, April 10th. ValuEngine raised shares of ConforMIS from a sell rating to a hold rating in a research note on Friday, June 1st. BTIG Research reissued a buy rating and issued a $3.00 price target on shares of ConforMIS in a research note on Thursday, May 3rd. Finally, Oppenheimer set a $4.00 price target on shares of ConforMIS and gave the stock a buy rating in a research note on Thursday, May 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $3.58.
ConforMIS (NASDAQ:CFMS) last posted its quarterly earnings results on Wednesday, May 2nd. The medical instruments supplier reported ($0.22) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. The firm had revenue of $19.66 million for the quarter, compared to the consensus estimate of $19.51 million. ConforMIS had a negative net margin of 62.63% and a negative return on equity of 83.49%. research analysts anticipate that ConforMIS will post -0.83 earnings per share for the current fiscal year.
In other ConforMIS news, Director Bradley Langdale sold 75,764 shares of ConforMIS stock in a transaction dated Thursday, April 26th. The shares were sold at an average price of $1.52, for a total transaction of $115,161.28. Following the transaction, the director now directly owns 95,055 shares of the company’s stock, valued at $144,483.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Steines sold 277,064 shares of ConforMIS stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $1.41, for a total transaction of $390,660.24. Following the transaction, the insider now directly owns 232,307 shares in the company, valued at $327,552.87. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,042,234 shares of company stock worth $1,457,539. Insiders own 7.59% of the company’s stock.
A number of hedge funds have recently modified their holdings of CFMS. Archon Capital Management LLC purchased a new position in ConforMIS during the first quarter worth about $4,408,000. Sio Capital Management LLC purchased a new position in ConforMIS during the first quarter worth about $3,191,000. Renaissance Technologies LLC raised its stake in ConforMIS by 627.0% during the fourth quarter. Renaissance Technologies LLC now owns 346,800 shares of the medical instruments supplier’s stock worth $825,000 after purchasing an additional 299,100 shares during the period. Platinum Investment Management Ltd. raised its stake in ConforMIS by 78.0% during the first quarter. Platinum Investment Management Ltd. now owns 596,656 shares of the medical instruments supplier’s stock worth $865,000 after purchasing an additional 261,500 shares during the period. Finally, Allianz Asset Management GmbH purchased a new position in ConforMIS during the first quarter worth about $183,000. 44.11% of the stock is currently owned by institutional investors.
ConforMIS Company Profile
ConforMIS, Inc, a medical technology company, develops, manufactures, and sells joint replacement implants. The company offers customized knee replacement products, including iTotal CR, a cruciate-retaining product; iTotal PS, a posterior cruciate ligament substituting product; iDuo, a customized bicompartmental knee replacement system; and iUni, a customized unicompartmental knee replacement product to treat the medial or lateral compartment of the knee.
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