ConforMIS (NASDAQ:CFMS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 equities analysts have also recently issued reports on CFMS. Canaccord Genuity dropped their price objective on ConforMIS from $3.00 to $2.50 and set a “buy” rating for the company in a report on Thursday, November 1st. Oppenheimer set a $3.00 price objective on ConforMIS and gave the company a “buy” rating in a report on Thursday, November 1st. Cowen restated a “buy” rating and set a $3.00 price objective on shares of ConforMIS in a report on Friday, November 2nd. Finally, ValuEngine upgraded ConforMIS from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $2.45.
ConforMIS (NASDAQ:CFMS) last announced its earnings results on Wednesday, February 6th. The medical instruments supplier reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.04. The firm had revenue of $22.05 million during the quarter, compared to analysts’ expectations of $21.45 million. ConforMIS had a negative return on equity of 85.08% and a negative net margin of 48.30%. Sell-side analysts predict that ConforMIS will post -0.4 earnings per share for the current fiscal year.
In other ConforMIS news, major shareholder Archon Capital Management Llc acquired 560,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 2nd. The stock was bought at an average price of $0.41 per share, for a total transaction of $229,600.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.59% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CFMS. Renaissance Technologies LLC raised its position in ConforMIS by 104.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,006,900 shares of the medical instruments supplier’s stock valued at $3,759,000 after purchasing an additional 1,537,565 shares in the last quarter. Millennium Management LLC raised its position in ConforMIS by 78.1% during the 2nd quarter. Millennium Management LLC now owns 734,165 shares of the medical instruments supplier’s stock valued at $918,000 after purchasing an additional 321,845 shares in the last quarter. Sio Capital Management LLC raised its position in ConforMIS by 13.2% during the 3rd quarter. Sio Capital Management LLC now owns 1,861,789 shares of the medical instruments supplier’s stock valued at $1,973,000 after purchasing an additional 217,275 shares in the last quarter. Gabelli Funds LLC raised its position in ConforMIS by 76.2% during the 4th quarter. Gabelli Funds LLC now owns 104,056 shares of the medical instruments supplier’s stock valued at $37,000 after purchasing an additional 45,000 shares in the last quarter. Finally, Vanguard Group Inc raised its position in ConforMIS by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 2,230,254 shares of the medical instruments supplier’s stock valued at $2,364,000 after purchasing an additional 28,556 shares in the last quarter. 36.19% of the stock is owned by institutional investors and hedge funds.
ConforMIS, Inc is a holding company, which engages in the development, manufacture, and sale of joint replacement implants. Its products include iTotal, iUni and iDuo, and iJig Instrumentation. The company was founded Philipp Lang in 2004 and is headquartered in Bedford, MA.
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