TransEnterix (NYSEAMERICAN:TRXC) Stock Price Down 12.9% After Earnings Miss

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TransEnterix, Inc. (NYSEAMERICAN:TRXC) fell 12.9% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $0.25 and last traded at $0.27, 3,090,300 shares changed hands during trading. An increase of 11% from the average session volume of 2,774,130 shares. The stock had previously closed at $0.31.

The medical instruments supplier reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The business had revenue of $2.02 million during the quarter, compared to the consensus estimate of $4.68 million.

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada downgraded shares of TransEnterix from an “outperform” rating to a “sector perform” rating and set a $1.00 price objective on the stock. in a research note on Thursday, August 8th. Zacks Investment Research downgraded shares of TransEnterix from a “hold” rating to a “sell” rating in a research note on Thursday, October 10th.

Several institutional investors have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC bought a new stake in TransEnterix during the 2nd quarter worth about $2,136,000. Morgan Stanley raised its holdings in TransEnterix by 225.2% during the 2nd quarter. Morgan Stanley now owns 1,448,957 shares of the medical instruments supplier’s stock worth $1,970,000 after purchasing an additional 1,003,339 shares during the last quarter. Vanguard Group Inc. raised its holdings in TransEnterix by 12.0% during the 2nd quarter. Vanguard Group Inc. now owns 9,231,406 shares of the medical instruments supplier’s stock worth $12,554,000 after purchasing an additional 991,120 shares during the last quarter. First Trust Advisors LP raised its holdings in TransEnterix by 89.1% during the 3rd quarter. First Trust Advisors LP now owns 1,336,607 shares of the medical instruments supplier’s stock worth $828,000 after purchasing an additional 629,658 shares during the last quarter. Finally, Alps Advisors Inc. raised its holdings in TransEnterix by 129.6% during the 2nd quarter. Alps Advisors Inc. now owns 491,900 shares of the medical instruments supplier’s stock worth $669,000 after purchasing an additional 277,678 shares during the last quarter.

About TransEnterix (NYSEAMERICAN:TRXC)

TransEnterix, Inc, a medical device company, engages in the research, development, and sale of medical device robotics to enhance minimally invasive surgery. The company offers Senhance System, a multi-port robotic surgery system, which allows up to four arms to control robotic instruments and a camera in Europe.

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