Asante Solutions (PUMP) Trading Down 8.8%

Asante Solutions Inc (NASDAQ:PUMP) dropped 8.8% during mid-day trading on Thursday . The stock traded as low as $16.22 and last traded at $16.27. Approximately 3,798,078 shares were traded during trading, an increase of 101% from the average daily volume of 1,892,557 shares. The stock had previously closed at $17.84.

PUMP has been the subject of several recent research reports. Piper Jaffray Companies set a $19.00 price target on Asante Solutions and gave the stock a “buy” rating in a report on Wednesday, March 28th. Zacks Investment Research cut Asante Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. Royal Bank of Canada set a $20.00 price objective on Asante Solutions and gave the stock a “buy” rating in a research report on Wednesday, March 28th. Credit Suisse Group boosted their price objective on Asante Solutions from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, May 21st. Finally, Jefferies Group set a $21.00 price objective on Asante Solutions and gave the stock a “buy” rating in a research report on Tuesday, March 27th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $22.10.

Asante Solutions (NASDAQ:PUMP) last posted its quarterly earnings data on Tuesday, May 8th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The business had revenue of $385.20 million during the quarter, compared to analysts’ expectations of $375.75 million. During the same period in the prior year, the firm posted ($0.43) EPS. The firm’s revenue for the quarter was up 124.1% on a year-over-year basis.

Hedge funds and other institutional investors have recently modified their holdings of the company. Exane Derivatives purchased a new position in shares of Asante Solutions during the 4th quarter valued at $108,000. GW&K Investment Management LLC purchased a new position in shares of Asante Solutions during the 1st quarter valued at $224,000. Quantitative Systematic Strategies LLC purchased a new position in shares of Asante Solutions during the 4th quarter valued at $329,000. Metropolitan Life Insurance Co. NY purchased a new position in shares of Asante Solutions during the 4th quarter valued at $378,000. Finally, Tiverton Asset Management LLC purchased a new position in shares of Asante Solutions during the 1st quarter valued at $413,000.

Asante Solutions Company Profile

Asante Solutions, Inc is a medical device company. The Company is a manufacturer of Asante Snap Insulin Pump System (Snap system), which is a pump featuring a modular design with pre-filled insulin cartridges and disposable pump bodies, utilized in combination with a controller. The Snap system comprises four components: the Snap system controller, a disposable pump body, disposable pre-filled insulin cartridges and disposable infusion sets.

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