Zacks Investment Research Downgrades Avinger (NASDAQ:AVGR) to Hold

Avinger (NASDAQ:AVGR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Avinger, Inc. is engaged in designing, manufacturing and selling image-guided, catheter-based systems to treat peripheral arterial disease. The company’s product consists of Lightbox imaging console, Wildcat, Kittycat, Ocelot, Ocelot PIXL, Ocelot MVRX and Juicebox. Avinger, Inc. is based in Redwood City, California. “

Separately, Aegis reduced their price objective on shares of Avinger from $1.40 to $1.00 and set a “buy” rating on the stock in a report on Wednesday.

AVGR traded up $0.03 during trading hours on Wednesday, reaching $0.38. The company’s stock had a trading volume of 14,517,332 shares, compared to its average volume of 5,656,037. The stock has a market cap of $28.78 million, a PE ratio of -0.19 and a beta of 1.57. Avinger has a fifty-two week low of $0.24 and a fifty-two week high of $1.63. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.39 and a quick ratio of 1.14. The business’s 50-day moving average is $0.49 and its 200-day moving average is $0.42.

Avinger (NASDAQ:AVGR) last posted its earnings results on Thursday, July 30th. The medical device company reported ($0.18) EPS for the quarter. Avinger had a negative net margin of 225.26% and a negative return on equity of 283.92%. The business had revenue of $1.47 million during the quarter. Analysts expect that Avinger will post -0.92 EPS for the current year.

A hedge fund recently raised its stake in Avinger stock. Sabby Management LLC grew its position in shares of Avinger Inc (NASDAQ:AVGR) by 284.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,183,464 shares of the medical device company’s stock after purchasing an additional 1,615,064 shares during the period. Avinger makes up about 0.1% of Sabby Management LLC’s holdings, making the stock its 19th largest holding. Sabby Management LLC owned about 4.02% of Avinger worth $676,000 at the end of the most recent reporting period. 8.59% of the stock is owned by institutional investors.

Avinger Company Profile

Avinger, Inc, a commercial-stage medical device company, designs, manufactures, and sells image-guided and catheter-based systems used by physicians to treat patients with peripheral arterial disease (PAD) in the United States and Europe. It develops lumivascular platform that integrates optical coherence tomography visualization with interventional catheters to provide real-time intravascular imaging during the treatment portion of PAD procedures.

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