ABIOMED, Inc. (NASDAQ:ABMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Over the last six months, Abiomed has been trading above the broader industry. Management expects that robust demand for the Impella product line will continue to drive Abiomed’s top line. The company’s expanding product portfolio will improve penetration into both the prophylactic high-risk PCI and cardiogenic shock patient market. This is evident from the fact that both Impella 2.5 and CP continue to add centers in the U.S. The company also announced the successful launch of the Abiomed Impella Quality Program in fiscal 2017 to improve clinical outcomes. Also, cost-savings efforts remain encouraging. Furthermore, a rising estimate revision trend for the current year indicates a pocket of opportunity for the stock. However, intensifying competition in the niche markets is likely to mar prospects over the long haul.”
ABMD has been the subject of a number of other reports. Jefferies Group LLC increased their target price on ABIOMED from $175.00 to $208.00 and gave the company a “buy” rating in a report on Friday, September 29th. Piper Jaffray Companies restated a “buy” rating and set a $160.00 target price on shares of ABIOMED in a report on Tuesday, August 29th. BidaskClub lowered ABIOMED from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. SunTrust Banks, Inc. assumed coverage on ABIOMED in a research report on Friday, September 29th. They set a “buy” rating and a $195.00 price target for the company. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $140.00 price target (up previously from $135.00) on shares of ABIOMED in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $167.00.
ABIOMED (NASDAQ:ABMD) last posted its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. ABIOMED had a return on equity of 13.03% and a net margin of 16.13%. The firm had revenue of $132.47 million during the quarter, compared to analysts’ expectations of $130.83 million. During the same period in the prior year, the business earned $0.29 EPS. The company’s revenue for the quarter was up 28.6% compared to the same quarter last year. On average, analysts anticipate that ABIOMED will post $2.24 earnings per share for the current fiscal year.
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In related news, VP Andrew J. Greenfield sold 11,282 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $169.32, for a total transaction of $1,910,268.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Thomas sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $154.71, for a total value of $1,547,100.00. Following the transaction, the director now directly owns 12,172 shares of the company’s stock, valued at approximately $1,883,130.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,782 shares of company stock valued at $9,513,610. 7.00% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of ABMD. Huntington National Bank purchased a new stake in ABIOMED during the 2nd quarter valued at $100,000. Seven Eight Capital LP purchased a new stake in ABIOMED during the 2nd quarter valued at $100,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ABIOMED by 15.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,511 shares of the medical equipment provider’s stock valued at $217,000 after purchasing an additional 197 shares during the last quarter. Private Bank & Trust Co. purchased a new stake in ABIOMED during the 2nd quarter valued at $226,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in ABIOMED during the 1st quarter valued at $200,000. 89.69% of the stock is owned by institutional investors.
ABIOMED Company Profile
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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