Canaccord Genuity Group Begins Coverage on Orthofix Medical (NASDAQ:OFIX)

Stock analysts at Canaccord Genuity Group assumed coverage on shares of Orthofix Medical (NASDAQ:OFIX) in a report issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $24.00 price target on the medical device company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 31.29% from the company’s current price.

Several other equities analysts have also commented on OFIX. Stifel Nicolaus upgraded shares of Orthofix Medical from a “hold” rating to a “buy” rating and increased their price target for the company from $18.00 to $24.00 in a research note on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and issued a $22.00 target price (up from $20.00) on shares of Orthofix Medical in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Orthofix Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

Orthofix Medical Trading Down 0.5 %

NASDAQ OFIX opened at $18.28 on Wednesday. Orthofix Medical has a 52 week low of $12.08 and a 52 week high of $20.73. The firm has a 50 day moving average of $18.08 and a two-hundred day moving average of $16.94. The stock has a market capitalization of $698.48 million, a PE ratio of -5.84 and a beta of 1.10. The company has a quick ratio of 1.11, a current ratio of 2.39 and a debt-to-equity ratio of 0.25.

Orthofix Medical (NASDAQ:OFIX) last posted its earnings results on Thursday, November 7th. The medical device company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.57). The business had revenue of $196.61 million during the quarter, compared to analysts’ expectations of $196.60 million. Orthofix Medical had a negative net margin of 15.18% and a negative return on equity of 21.25%. During the same period last year, the company earned ($0.77) EPS. As a group, research analysts expect that Orthofix Medical will post -2.81 EPS for the current fiscal year.

Insider Activity at Orthofix Medical

In other Orthofix Medical news, CFO Julie Andrews sold 4,655 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $17.89, for a total transaction of $83,277.95. Following the transaction, the chief financial officer now owns 28,312 shares in the company, valued at approximately $506,501.68. The trade was a 14.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Massimo Calafiore sold 9,203 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $17.14, for a total value of $157,739.42. Following the completion of the sale, the chief executive officer now directly owns 124,151 shares of the company’s stock, valued at $2,127,948.14. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,675 shares of company stock worth $423,238 in the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in shares of Orthofix Medical in the 2nd quarter valued at about $2,193,000. HighVista Strategies LLC acquired a new stake in shares of Orthofix Medical during the 3rd quarter valued at approximately $1,689,000. JPMorgan Chase & Co. boosted its stake in shares of Orthofix Medical by 480.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 84,379 shares of the medical device company’s stock worth $1,318,000 after acquiring an additional 69,848 shares in the last quarter. AYAL Capital Advisors Ltd grew its holdings in shares of Orthofix Medical by 10.2% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 686,794 shares of the medical device company’s stock worth $9,107,000 after acquiring an additional 63,697 shares during the period. Finally, Millrace Asset Group Inc. purchased a new position in Orthofix Medical in the 3rd quarter valued at approximately $906,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Orthofix Medical Company Profile

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.