“$33 PT Q3 revenue topped our estimate on both system sales and treatment sessions. Based on a number of conversations with investors, we sensed there was some concern heading into Q3 on what mix might look like (capital vs. procedure sales) and the overall sequential ramp but we feel results in the quarter confirm our view that sales expansion continues to bear fruit. On that initiative, mgmt added 4 more territories in Q3, fairly consistent with our expectations. Additionally, progress towards Japan reimbursement remains on-track with a decision on reimbursement expected in December and formal commencement in March. Until Japan commercialization begins, mgmt highlighted active preparation efforts as well as the strong level of interest among treating docs. Overall, Q3 results were strong, in our view.”,” BTIG Research’s analyst wrote.
A number of other research firms have also weighed in on STIM. JMP Securities increased their target price on shares of Neuronetics from $36.00 to $40.00 and gave the stock an outperform rating in a report on Wednesday, August 15th. William Blair began coverage on shares of Neuronetics in a report on Monday, July 23rd. They set an outperform rating for the company. Piper Jaffray Companies began coverage on shares of Neuronetics in a report on Monday, July 23rd. They set an overweight rating for the company. Finally, Canaccord Genuity increased their target price on shares of Neuronetics from $33.00 to $36.00 and gave the stock a buy rating in a report on Wednesday, August 15th. Five research analysts have rated the stock with a buy rating, Neuronetics has a consensus rating of Buy and an average price target of $36.33.
Neuronetics (NASDAQ:STIM) last announced its quarterly earnings data on Tuesday, November 6th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.11. The company had revenue of $13.74 million for the quarter, compared to the consensus estimate of $12.68 million. As a group, analysts anticipate that Neuronetics will post -2.05 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Alpine Woods Capital Investors LLC lifted its holdings in Neuronetics by 40.0% in the third quarter. Alpine Woods Capital Investors LLC now owns 14,000 shares of the company’s stock worth $449,000 after buying an additional 4,000 shares during the period. Asymmetry Capital Management L.P. lifted its holdings in Neuronetics by 25.8% in the third quarter. Asymmetry Capital Management L.P. now owns 45,292 shares of the company’s stock worth $1,452,000 after buying an additional 9,292 shares during the period. Wells Fargo & Company MN lifted its holdings in Neuronetics by 19.5% in the third quarter. Wells Fargo & Company MN now owns 347,223 shares of the company’s stock worth $11,131,000 after buying an additional 56,583 shares during the period. Engineers Gate Manager LP purchased a new stake in Neuronetics in the third quarter worth about $284,000. Finally, United Services Automobile Association purchased a new stake in Neuronetics in the second quarter worth about $266,000. Institutional investors and hedge funds own 60.76% of the company’s stock.
Neuronetics Company Profile
Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with psychiatric disorders. It offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment for adult patients with major depressive disorder. The company's NeuroStar Advanced Therapy System uses transcranial magnetic stimulation to create a pulsed MRI-strength magnetic field, which induces electrical currents designed to stimulate specific areas of the brain associated with mood.
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