Zacks Investment Research Upgrades Intersect ENT (XENT) to “Buy”

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Zacks Investment Research upgraded shares of Intersect ENT (NASDAQ:XENT) from a hold rating to a buy rating in a research note released on Wednesday morning. Zacks Investment Research currently has $30.00 target price on the medical equipment provider’s stock.

According to Zacks, “Intersect ENT, Inc. is a commercial drug-device company. The Company’s initial products, PROPEL and PROPEL mini, are drug-eluting implants for use in patients with chronic sinusitis. It offers products and therapies for ear, nose, and throat surgeons to improve treatment for their patients with chronic diseases. Intersect ENT, Inc. is headquartered in Menlo Park, California. “

Several other analysts have also recently weighed in on the company. Northland Securities reaffirmed a hold rating and issued a $28.00 price target on shares of Intersect ENT in a report on Monday, November 5th. BidaskClub cut Intersect ENT from a hold rating to a sell rating in a report on Wednesday, October 24th. ValuEngine raised Intersect ENT from a hold rating to a buy rating in a report on Tuesday, October 2nd. BTIG Research reaffirmed a hold rating on shares of Intersect ENT in a report on Thursday, August 2nd. Finally, Canaccord Genuity reiterated a buy rating on shares of Intersect ENT in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $37.17.

Shares of NASDAQ:XENT traded down $1.43 on Wednesday, hitting $31.16. The company’s stock had a trading volume of 206,691 shares, compared to its average volume of 508,279. Intersect ENT has a 1 year low of $25.15 and a 1 year high of $42.95.

Intersect ENT (NASDAQ:XENT) last released its quarterly earnings results on Monday, November 5th. The medical equipment provider reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02. Intersect ENT had a negative return on equity of 17.62% and a negative net margin of 20.00%. The firm had revenue of $24.70 million for the quarter, compared to analysts’ expectations of $24.09 million. During the same quarter last year, the firm posted ($0.15) EPS. The company’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts expect that Intersect ENT will post -0.73 earnings per share for the current fiscal year.

In other news, CFO Jeryl L. Hilleman sold 12,833 shares of the stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $28.92, for a total transaction of $371,130.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Lisa D. Earnhardt sold 20,000 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $26.51, for a total value of $530,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 85,666 shares of company stock worth $2,435,926 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in XENT. Principal Financial Group Inc. increased its position in shares of Intersect ENT by 10.1% during the 1st quarter. Principal Financial Group Inc. now owns 16,564 shares of the medical equipment provider’s stock valued at $651,000 after purchasing an additional 1,524 shares during the last quarter. UBS Group AG grew its position in Intersect ENT by 81.1% during the 1st quarter. UBS Group AG now owns 4,679 shares of the medical equipment provider’s stock worth $184,000 after acquiring an additional 2,096 shares during the last quarter. Royal Bank of Canada grew its position in Intersect ENT by 298.8% during the 1st quarter. Royal Bank of Canada now owns 115,103 shares of the medical equipment provider’s stock worth $4,522,000 after acquiring an additional 86,239 shares during the last quarter. Xact Kapitalforvaltning AB bought a new position in Intersect ENT during the 2nd quarter worth approximately $247,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Intersect ENT during the 2nd quarter worth approximately $242,000. Hedge funds and other institutional investors own 90.03% of the company’s stock.

About Intersect ENT

Intersect ENT, Inc, a drug delivery company, researches and develops products for the treatment of patients with ear, nose and throat conditions in the United States. It offers PROPEL and PROPEL mini drug releasing implants for patients undergoing sinus surgery to treat chronic sinusitis; and PROPEL Contour, a steroid releasing implant to frontal and maxillary sinus ostia, or openings, of the dependent sinuses.

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