Canaccord Genuity Increases SeaSpine (NASDAQ:SPNE) Price Target to $30.00

SeaSpine (NASDAQ:SPNE) had its price objective raised by Canaccord Genuity from $28.00 to $30.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity’s target price would indicate a potential upside of 49.33% from the stock’s previous close.

Several other brokerages have also recently issued reports on SPNE. Wells Fargo & Company upgraded shares of SeaSpine from an “equal weight” rating to an “overweight” rating and set a $24.00 price target on the stock in a research report on Wednesday, April 14th. BTIG Research boosted their price target on shares of SeaSpine from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, April 6th. They noted that the move was a valuation call. Piper Sandler upped their price objective on shares of SeaSpine from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, January 29th. Finally, Zacks Investment Research upgraded shares of SeaSpine from a “strong sell” rating to a “hold” rating in a report on Friday, March 5th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. SeaSpine presently has a consensus rating of “Buy” and an average target price of $22.71.

Shares of SPNE stock traded down $1.32 during mid-day trading on Tuesday, reaching $20.09. The stock had a trading volume of 5,583 shares, compared to its average volume of 128,054. The stock’s 50-day moving average price is $19.80 and its two-hundred day moving average price is $17.26. SeaSpine has a 52-week low of $8.78 and a 52-week high of $22.97. The firm has a market capitalization of $561.62 million, a PE ratio of -12.03 and a beta of 1.24.

SeaSpine (NASDAQ:SPNE) last released its quarterly earnings data on Sunday, May 2nd. The medical equipment provider reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.16). SeaSpine had a negative net margin of 27.32% and a negative return on equity of 24.38%. Equities analysts forecast that SeaSpine will post -1.43 earnings per share 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 shares were 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.

Several hedge funds and other institutional investors have recently modified their holdings of SPNE. Schonfeld Strategic Advisors LLC lifted its stake in shares of SeaSpine by 149.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 52,100 shares of the medical equipment provider’s stock worth $745,000 after buying an additional 31,204 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new position in shares of SeaSpine in the fourth quarter worth approximately $8,317,000. Emerald Advisers LLC lifted its stake in shares of SeaSpine by 40.0% in the fourth quarter. Emerald Advisers LLC now owns 468,008 shares of the medical equipment provider’s stock worth $8,167,000 after buying an additional 133,765 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its position in SeaSpine by 26.9% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 441,037 shares of the medical equipment provider’s stock valued at $7,696,000 after purchasing an additional 93,359 shares during the period. Finally, SG Americas Securities LLC bought a new position in SeaSpine during the fourth quarter valued at approximately $115,000. Hedge funds and other institutional investors own 76.72% 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 spine.

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Analyst Recommendations for SeaSpine (NASDAQ:SPNE)

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