Cantor Fitzgerald Lowers RA Medical Systems (NYSE:RMED) to Neutral

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Cantor Fitzgerald downgraded shares of RA Medical Systems (NYSE:RMED) from an overweight rating to a neutral rating in a report issued on Tuesday, The Fly reports. They currently have $2.00 price target on the stock, down from their previous price target of $10.00.

RMED has been the topic of several other reports. Maxim Group cut their price objective on shares of RA Medical Systems to $12.00 and set a buy rating on the stock in a research report on Wednesday, May 15th. Zacks Investment Research raised shares of RA Medical Systems from a sell rating to a hold rating in a research report on Wednesday, July 17th. Finally, Piper Jaffray Companies cut shares of RA Medical Systems from an overweight rating to a neutral rating and cut their price objective for the company from $9.00 to $1.50 in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $6.38.

Shares of RMED stock opened at $1.96 on Tuesday. RA Medical Systems has a 12-month low of $1.09 and a 12-month high of $22.00. The firm has a market capitalization of $15.64 million and a price-to-earnings ratio of -0.59. The company has a quick ratio of 11.45, a current ratio of 11.89 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average of $2.96 and a 200-day moving average of $4.32.

RA Medical Systems (NYSE:RMED) last announced its quarterly earnings results on Monday, May 13th. The company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.78). The firm had revenue of $1.75 million for the quarter, compared to the consensus estimate of $1.22 million. Research analysts expect that RA Medical Systems will post -3.94 earnings per share for the current year.

In related news, insider Jeffrey J. Kraws sold 18,021 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $3.08, for a total value of $55,504.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dean Irwin sold 22,886 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $2.93, for a total transaction of $67,055.98. The disclosure for this sale can be found here. Insiders sold a total of 57,841 shares of company stock worth $176,959 over the last ninety days. 25.20% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its position in RA Medical Systems by 94.2% during the 2nd quarter. BlackRock Inc. now owns 22,438 shares of the company’s stock worth $81,000 after buying an additional 10,883 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in RA Medical Systems during the 2nd quarter worth about $45,000. Weil Company Inc. bought a new stake in RA Medical Systems during the 2nd quarter worth about $63,000. Meitav Dash Investments Ltd. lifted its position in RA Medical Systems by 18.8% during the 1st quarter. Meitav Dash Investments Ltd. now owns 118,260 shares of the company’s stock worth $415,000 after buying an additional 18,741 shares in the last quarter. Finally, Dowling & Yahnke LLC bought a new stake in RA Medical Systems during the 2nd quarter worth about $110,000. 20.13% of the stock is currently owned by hedge funds and other institutional investors.

RA Medical Systems Company Profile

Ra Medical Systems, Inc, a commercial-stage medical device company, develops, manufactures, and markets excimer lasers for use in the treatment of vascular and dermatological diseases. The company offers DABRA (destruction of arteriosclerotic blockages by laser radiation ablation), a minimally-invasive excimer laser and disposable catheter system that is used by physicians in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease.

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