Zacks Investment Research cut shares of NuVasive (NASDAQ:NUVA) from a hold rating to a sell rating in a research note released on Thursday.
According to Zacks, “NuVasive has underperformed its industry over the past three months. The company's third-quarter revenue exceeded the consensus mark. However, earnings fell short of the mark. Operating profit contracted significantly on escalating costs and expenses. Full-year outlook also seems disappointing which fails to indicate any sign of rebound in the near term. Headwinds like pricing pressure, reimbursement issues and competitive landscape are the major downsides. Notably, in the quarter under review, pricing pressure remained stable at a negative 2%, below the industry average. On a positive note, NuVasive delivered balanced growth in both of its business wings. Also, a solid show by the international business buoys optimism. The company expects to see strong demand for new products and positive surgeon conversion efforts. Moreover, contributions from the company’s the recently-completed consolidation of SafePassage was significant.”
A number of other equities analysts also recently issued reports on the company. Credit Suisse Group began coverage on NuVasive in a research report on Monday, December 17th. They set an outperform rating and a $66.00 price target on the stock. Needham & Company LLC reiterated a buy rating and issued a $80.00 price target (up from $67.00) on shares of NuVasive in a research note on Wednesday, October 17th. ValuEngine cut NuVasive from a buy rating to a hold rating in a research note on Friday, December 7th. UBS Group reduced their price objective on NuVasive from $54.00 to $42.00 and set a sell rating for the company in a research note on Tuesday, January 8th. Finally, BMO Capital Markets dropped their target price on NuVasive from $70.00 to $68.00 and set a market perform rating on the stock in a report on Wednesday, October 31st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $64.00.
In other NuVasive news, insider Matthew Link sold 1,200 shares of the stock in a transaction on Friday, November 16th. The stock was sold at an average price of $62.01, for a total transaction of $74,412.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders have sold 8,671 shares of company stock worth $538,741. Corporate insiders own 0.95% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NUVA. Ffcm LLC grew its stake in shares of NuVasive by 191.2% during the fourth quarter. Ffcm LLC now owns 2,391 shares of the medical device company’s stock valued at $118,000 after acquiring an additional 1,570 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in NuVasive in the fourth quarter valued at approximately $471,000. Investment Counselors of Maryland LLC boosted its stake in NuVasive by 1.5% in the fourth quarter. Investment Counselors of Maryland LLC now owns 311,415 shares of the medical device company’s stock valued at $15,434,000 after acquiring an additional 4,538 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in NuVasive by 2.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,591 shares of the medical device company’s stock valued at $1,020,000 after acquiring an additional 439 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of NuVasive by 1.8% during the fourth quarter. Jennison Associates LLC now owns 227,230 shares of the medical device company’s stock valued at $11,262,000 after buying an additional 3,991 shares during the last quarter.
NuVasive, Inc, a medical device company, develops and markets minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal product is Maximum Access Surgery, a minimally-disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.
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