Avedro (NASDAQ:AVDR) Shares Up 0.5%

Avedro Inc (NASDAQ:AVDR)’s share price shot up 0.5% during trading on Friday . The stock traded as high as $24.74 and last traded at $23.31, 8,845 shares were traded during mid-day trading. A decline of 86% from the average session volume of 61,195 shares. The stock had previously closed at $23.20.

Separately, Cowen lowered shares of Avedro from an “outperform” rating to a “market perform” rating and increased their price target for the company from $25.00 to $27.00 in a research note on Thursday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $20.80.

The company has a debt-to-equity ratio of 0.36, a quick ratio of 9.09 and a current ratio of 9.60. The business’s 50 day moving average is $19.36.

Avedro (NASDAQ:AVDR) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($1.00) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.01) by $0.01. The company had revenue of $8.77 million during the quarter, compared to analysts’ expectations of $7.93 million. On average, analysts expect that Avedro Inc will post -2.21 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in AVDR. Jennison Associates LLC purchased a new position in Avedro in the second quarter valued at approximately $16,939,000. Redmile Group LLC purchased a new position in shares of Avedro during the first quarter worth approximately $1,534,000. Russell Investments Group Ltd. purchased a new position in shares of Avedro during the second quarter worth approximately $2,149,000. Lombard Odier Asset Management USA Corp purchased a new position in shares of Avedro during the first quarter worth approximately $1,258,000. Finally, Laurion Capital Management LP purchased a new position in shares of Avedro during the first quarter worth approximately $920,000. Institutional investors own 60.35% of the company’s stock.

About Avedro (NASDAQ:AVDR)

Avedro, Inc, an ophthalmic pharmaceutical and medical device company, develops and commercializes products to treat ophthalmic disorders and conditions, primarily associated with corneal weakness. The company's Avedro Corneal Remodeling platform comprises KXL and Mosaic systems, which deliver ultraviolet A or UVA light, and a suite of single-use riboflavin drug formulations.

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