SeaSpine (SPNE) Downgraded to “Buy” at ValuEngine

SeaSpine (NASDAQ:SPNE) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday, ValuEngine reports.

Other equities research analysts have also issued reports about the company. BTIG Research reaffirmed a “buy” rating and set a $20.00 target price on shares of SeaSpine in a research report on Sunday, March 31st. Cantor Fitzgerald reissued a “buy” rating and issued a $22.00 price objective on shares of SeaSpine in a report on Monday, January 7th. Zacks Investment Research lowered SeaSpine from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. BidaskClub raised SeaSpine from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th. Finally, Wells Fargo & Co assumed coverage on SeaSpine in a report on Thursday, December 13th. They issued an “outperform” rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $20.86.

Shares of SeaSpine stock traded down $0.06 during trading hours on Thursday, hitting $13.88. 41,924 shares of the company’s stock traded hands, compared to its average volume of 120,496. SeaSpine has a 12-month low of $10.27 and a 12-month high of $20.75. The firm has a market cap of $263.94 million, a PE ratio of -6.37 and a beta of 0.08.

SeaSpine (NASDAQ:SPNE) last announced its earnings results on Wednesday, February 27th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.20). SeaSpine had a negative net margin of 23.37% and a negative return on equity of 30.10%. The business had revenue of $38.03 million for the quarter. As a group, equities analysts forecast that SeaSpine will post -1.6 EPS for the current fiscal year.

In related news, Director Stuart Essig sold 8,900 shares of SeaSpine stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $16.01, for a total value of $142,489.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 74,000 shares of company stock valued at $1,189,948. 13.54% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SPNE. Metropolitan Life Insurance Co. NY bought a new position in SeaSpine in the 4th quarter worth about $103,000. Strs Ohio bought a new position in SeaSpine in the 4th quarter worth about $107,000. MetLife Investment Advisors LLC bought a new position in SeaSpine in the 4th quarter worth about $141,000. American International Group Inc. boosted its stake in SeaSpine by 24.8% in the 4th quarter. American International Group Inc. now owns 9,751 shares of the medical equipment provider’s stock worth $178,000 after purchasing an additional 1,935 shares during the period. Finally, OMERS ADMINISTRATION Corp bought a new position in SeaSpine in the 4th quarter worth about $201,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

SeaSpine Company Profile

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical regions of the spine.

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Analyst Recommendations for SeaSpine (NASDAQ:SPNE)

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