ConforMIS (CFMS) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of ConforMIS (NASDAQ:CFMS) from a hold rating to a sell rating in a report issued on Wednesday morning.

According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “

A number of other analysts also recently weighed in on the stock. BTIG Research raised shares of ConforMIS from a neutral rating to a buy rating and set a $4.00 price target for the company in a report on Wednesday, December 20th. JPMorgan Chase & Co. downgraded shares of ConforMIS from a neutral rating to an underweight rating in a report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $5.54.

Shares of ConforMIS (NASDAQ:CFMS) opened at $1.55 on Wednesday. The company has a quick ratio of 5.38, a current ratio of 6.19 and a debt-to-equity ratio of 0.52. ConforMIS has a 1-year low of $1.45 and a 1-year high of $8.61. The firm has a market cap of $68.29, a price-to-earnings ratio of -1.16 and a beta of 2.21.

ConforMIS (NASDAQ:CFMS) last issued its quarterly earnings results on Wednesday, November 1st. The medical instruments supplier reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.03. ConforMIS had a negative net margin of 72.70% and a negative return on equity of 76.88%. The firm had revenue of $18.40 million during the quarter, compared to the consensus estimate of $17.55 million. During the same period in the prior year, the firm earned ($0.31) EPS. The business’s revenue was down 1.3% on a year-over-year basis. equities research analysts predict that ConforMIS will post -1.27 earnings per share for the current year.

In other news, CFO Paul S. Weiner sold 17,723 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $3.17, for a total value of $56,181.91. Following the completion of the transaction, the chief financial officer now owns 162,009 shares in the company, valued at approximately $513,568.53. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark A. Augusti sold 16,548 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $2.27, for a total transaction of $37,563.96. Following the completion of the transaction, the chief executive officer now owns 285,007 shares of the company’s stock, valued at approximately $646,965.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 83,248 shares of company stock valued at $235,021. Corporate insiders own 9.55% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC increased its position in shares of ConforMIS by 331.2% during the 3rd quarter. Citadel Advisors LLC now owns 113,972 shares of the medical instruments supplier’s stock worth $401,000 after purchasing an additional 87,540 shares in the last quarter. Platinum Investment Management Ltd. increased its position in shares of ConforMIS by 23.6% during the 2nd quarter. Platinum Investment Management Ltd. now owns 335,156 shares of the medical instruments supplier’s stock worth $1,437,000 after purchasing an additional 63,900 shares in the last quarter. Ark Investment Management LLC increased its position in shares of ConforMIS by 208.5% during the 2nd quarter. Ark Investment Management LLC now owns 192,378 shares of the medical instruments supplier’s stock worth $825,000 after purchasing an additional 130,009 shares in the last quarter. Northern Trust Corp increased its position in shares of ConforMIS by 15.2% during the 2nd quarter. Northern Trust Corp now owns 454,468 shares of the medical instruments supplier’s stock worth $1,950,000 after purchasing an additional 60,034 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of ConforMIS by 35.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 171,901 shares of the medical instruments supplier’s stock worth $737,000 after purchasing an additional 45,096 shares in the last quarter. Institutional investors own 35.56% of the company’s stock.

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About ConforMIS

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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