ConforMIS (CFMS) Hits New 12-Month Low on Analyst Downgrade

ConforMIS Inc (NASDAQ:CFMS) reached a new 52-week low on Thursday after Canaccord Genuity lowered their price target on the stock from $5.00 to $4.00. Canaccord Genuity currently has a hold rating on the stock. ConforMIS traded as low as $1.16 and last traded at $1.16, with a volume of 472627 shares. The stock had previously closed at $1.26.

Other research analysts have also recently issued research reports about the company. Oppenheimer set a $4.00 price target on ConforMIS and gave the company a “buy” rating in a report on Thursday. BTIG Research reaffirmed a “buy” rating and issued a $4.00 price target on shares of ConforMIS in a report on Wednesday, January 10th. Zacks Investment Research cut ConforMIS from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Finally, JPMorgan Chase & Co. cut 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 assigned a buy rating to the stock. ConforMIS has an average rating of “Hold” and an average target price of $4.88.

In other ConforMIS news, CTO Daniel Steines sold 15,485 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $3.15, for a total value of $48,777.75. Following the transaction, the chief technology officer now owns 254,652 shares of the company’s stock, valued at $802,153.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark A. Augusti sold 16,548 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $2.27, for a total value of $37,563.96. Following the completion of the transaction, the chief executive officer now directly owns 285,007 shares in the company, valued at approximately $646,965.89. The disclosure for this sale can be found here. Insiders sold 83,248 shares of company stock worth $235,021 in the last ninety days. 9.55% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in CFMS. Granite Investment Partners LLC acquired a new stake in ConforMIS during the 3rd quarter valued at $859,000. Ark Investment Management LLC raised its stake in ConforMIS by 208.5% during the 2nd quarter. Ark Investment Management LLC now owns 192,378 shares of the medical instruments supplier’s stock valued at $825,000 after purchasing an additional 130,009 shares during the period. Citadel Advisors LLC raised its stake in ConforMIS by 331.2% during the 3rd quarter. Citadel Advisors LLC now owns 113,972 shares of the medical instruments supplier’s stock valued at $401,000 after purchasing an additional 87,540 shares during the period. Northern Trust Corp raised its stake in ConforMIS by 15.2% during the 2nd quarter. Northern Trust Corp now owns 454,468 shares of the medical instruments supplier’s stock valued at $1,950,000 after purchasing an additional 60,034 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in 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 valued at $737,000 after purchasing an additional 45,096 shares during the period. 35.37% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.52, a quick ratio of 5.38 and a current ratio of 6.19. The stock has a market cap of $75.34, a price-to-earnings ratio of -0.87 and a beta of 1.41.

ConforMIS (NASDAQ:CFMS) last posted its quarterly earnings results on Wednesday, February 7th. The medical instruments supplier reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.03. ConforMIS had a negative net margin of 72.70% and a negative return on equity of 76.88%. The business had revenue of $20.80 million for the quarter, compared to analysts’ expectations of $20.07 million. During the same period in the previous year, the company posted ($0.37) EPS. ConforMIS’s revenue was down 4.1% on a year-over-year basis. research analysts forecast that ConforMIS Inc will post -1.27 earnings per share for the current fiscal year.

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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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