SeaSpine (NASDAQ:SPNE) Sets New 12-Month High at $22.56

SeaSpine Holdings Co. (NASDAQ:SPNE) shares reached a new 52-week high on Thursday . The stock traded as high as $22.56 and last traded at $22.26, with a volume of 7441 shares. The stock had previously closed at $20.35.

Several research firms recently weighed in on SPNE. Wells Fargo & Company raised shares of SeaSpine from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $19.00 to $24.00 in a research report on Thursday. Canaccord Genuity reaffirmed a “buy” rating and set a $25.00 price objective on shares of SeaSpine in a research report on Tuesday, March 23rd. BTIG Research boosted their target price on SeaSpine from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday. They noted that the move was a valuation call. Zacks Investment Research raised SeaSpine from a “strong sell” rating to a “hold” rating in a research note on Friday, March 5th. Finally, Piper Sandler boosted their target price on SeaSpine from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, January 29th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $22.00.

The company has a 50 day simple moving average of $18.63 and a 200 day simple moving average of $16.45. The stock has a market cap of $626.26 million, a price-to-earnings ratio of -12.19 and a beta of 1.24.

SeaSpine (NASDAQ:SPNE) last released its quarterly earnings data on Sunday, February 28th. The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.11). SeaSpine had a negative net margin of 27.32% and a negative return on equity of 24.38%. As a group, equities research analysts expect that SeaSpine Holdings Co. will post -1.43 EPS for the current year.

In other news, Director Renee Gaeta sold 2,920 shares of the company’s stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $18.28, for a total value of $53,377.60. Corporate insiders own 9.76% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in SeaSpine by 1.4% during the 4th quarter. BlackRock Inc. now owns 1,862,042 shares of the medical equipment provider’s stock valued at $32,493,000 after purchasing an additional 25,782 shares during the period. Dimensional Fund Advisors LP increased its position in SeaSpine by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 678,697 shares of the medical equipment provider’s stock valued at $11,843,000 after purchasing an additional 4,115 shares during the period. The Manufacturers Life Insurance Company increased its position in SeaSpine by 22.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 566,417 shares of the medical equipment provider’s stock valued at $9,884,000 after purchasing an additional 104,617 shares during the period. Paradigm Capital Management Inc. NY acquired a new stake in SeaSpine during the 4th quarter valued at approximately $8,317,000. Finally, Emerald Advisers LLC increased its position in SeaSpine by 40.0% during the 4th quarter. Emerald Advisers LLC now owns 468,008 shares of the medical equipment provider’s stock valued at $8,167,000 after purchasing an additional 133,765 shares during the period. 76.72% of the stock is owned by institutional investors and hedge funds.

About SeaSpine (NASDAQ:SPNE)

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 spine.

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