TransEnterix (NYSEAMERICAN:TRXC) Stock Price Down 12.9% on Disappointing Earnings

TransEnterix, Inc. (NYSEAMERICAN:TRXC)’s share price dropped 12.9% on Wednesday following a dissappointing earnings announcement. The company traded as low as $0.25 and last traded at $0.27, approximately 3,090,300 shares changed hands during mid-day trading. An increase of 11% from the average daily volume of 2,774,130 shares. The stock had previously closed at $0.31.

The medical instruments supplier reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The firm had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $4.68 million.

Several brokerages have recently weighed in on TRXC. Zacks Investment Research downgraded TransEnterix from a “hold” rating to a “sell” rating in a report on Thursday, October 10th. Royal Bank of Canada downgraded TransEnterix from an “outperform” rating to a “sector perform” rating and set a $1.00 price target for the company. in a report on Thursday, August 8th.

Several large investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its position in shares of TransEnterix by 921.4% during the second quarter. SG Americas Securities LLC now owns 212,259 shares of the medical instruments supplier’s stock valued at $289,000 after buying an additional 191,477 shares during the last quarter. First Trust Advisors LP boosted its position in shares of TransEnterix by 62.4% during the second quarter. First Trust Advisors LP now owns 706,949 shares of the medical instruments supplier’s stock valued at $961,000 after buying an additional 271,502 shares during the last quarter. Swiss National Bank boosted its position in shares of TransEnterix by 8.9% during the second quarter. Swiss National Bank now owns 343,300 shares of the medical instruments supplier’s stock valued at $467,000 after buying an additional 28,200 shares during the last quarter. Alps Advisors Inc. boosted its position in shares of TransEnterix by 129.6% during the second quarter. Alps Advisors Inc. now owns 491,900 shares of the medical instruments supplier’s stock valued at $669,000 after buying an additional 277,678 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of TransEnterix by 165.9% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 174,687 shares of the medical instruments supplier’s stock valued at $238,000 after buying an additional 108,981 shares during the last quarter.

TransEnterix Company Profile (NYSEAMERICAN:TRXC)

TransEnterix, Inc, a medical device company, engages in the research, development, and sale of medical device robotics to enhance minimally invasive surgery. The company offers Senhance System, a multi-port robotic surgery system, which allows up to four arms to control robotic instruments and a camera in Europe.

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