ConforMIS (NASDAQ:CFMS)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity in a research note issued on Monday.
The analysts wrote, “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.””
Several other research analysts have also recently issued reports on CFMS. Oppenheimer set a $4.00 price objective on ConforMIS and gave the stock a “buy” rating in a research note on Thursday, February 8th. Zacks Investment Research upgraded ConforMIS from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Cowen assumed coverage on ConforMIS in a research note on Wednesday, February 21st. They issued an “outperform” rating and a $4.00 price objective for the company. JPMorgan Chase & Co. cut ConforMIS from a “neutral” rating to an “underweight” rating in a research note on Tuesday, January 2nd. Finally, BTIG Research upgraded ConforMIS from a “neutral” rating to a “buy” rating and set a $4.00 price objective for the company in a research note on Wednesday, December 20th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $4.75.
ConforMIS (NASDAQ:CFMS) last announced its quarterly earnings data on Wednesday, February 7th. The medical instruments supplier reported ($0.27) earnings per share (EPS) 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 last year, the business posted ($0.37) earnings per share. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. research analysts anticipate that ConforMIS will post -0.86 EPS for the current year.
In related news, CEO Mark A. Augusti sold 16,548 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $2.27, for a total transaction of $37,563.96. Following the sale, the chief executive officer now directly owns 285,007 shares of the company’s stock, valued at $646,965.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 39,502 shares of company stock worth $79,928. 9.55% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its holdings in ConforMIS by 2.0% during the second quarter. Wells Fargo & Company MN now owns 55,021 shares of the medical instruments supplier’s stock worth $236,000 after acquiring an additional 1,091 shares during the period. The Manufacturers Life Insurance Company grew its holdings in ConforMIS by 21.4% during the second quarter. The Manufacturers Life Insurance Company now owns 37,121 shares of the medical instruments supplier’s stock worth $158,000 after acquiring an additional 6,535 shares during the period. State Street Corp grew its holdings in ConforMIS by 1.5% during the second quarter. State Street Corp now owns 594,583 shares of the medical instruments supplier’s stock worth $2,550,000 after acquiring an additional 8,693 shares during the period. Alliancebernstein L.P. grew its holdings in ConforMIS by 31.1% during the second quarter. Alliancebernstein L.P. now owns 40,000 shares of the medical instruments supplier’s stock worth $172,000 after acquiring an additional 9,500 shares during the period. Finally, Teachers Advisors LLC grew its holdings in ConforMIS by 13.1% during the second quarter. Teachers Advisors LLC now owns 83,238 shares of the medical instruments supplier’s stock worth $357,000 after acquiring an additional 9,673 shares during the period. 24.21% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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