Zacks Investment Research downgraded shares of ABIOMED, Inc. (NASDAQ:ABMD) from a hold rating to a sell rating in a report published on Tuesday morning.
According to Zacks, “Over the last six months, Abiomed has been trading above the broader industry. Management expects that robust demand for the Impella product line will continue to drive Abiomed’s top line. The company’s expanding product portfolio will improve penetration into both the prophylactic high-risk PCI and cardiogenic shock patient market. This is evident from the fact that both Impella 2.5 and CP continue to add centers in the U.S. The company also announced the successful launch of the Abiomed Impella Quality Program in fiscal 2017 to improve clinical outcomes. Also, cost-savings efforts remain encouraging. Furthermore, a rising estimate revision trend for the current year indicates a pocket of opportunity for the stock. However, intensifying competition in the niche markets is likely to mar prospects over the long haul.”
Several other research firms have also commented on ABMD. Morgan Stanley restated an equal weight rating and issued a $140.00 price target (up previously from $135.00) on shares of ABIOMED in a report on Monday, July 10th. SunTrust Banks, Inc. initiated coverage on shares of ABIOMED in a report on Friday, September 29th. They issued a buy rating and a $195.00 price target on the stock. BidaskClub lowered shares of ABIOMED from a buy rating to a hold rating in a report on Saturday, August 26th. Jefferies Group LLC raised their price target on shares of ABIOMED from $165.00 to $175.00 and gave the company a buy rating in a report on Friday, August 4th. Finally, Piper Jaffray Companies restated an overweight rating and issued a $160.00 price target (up previously from $145.00) on shares of ABIOMED in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. ABIOMED currently has a consensus rating of Buy and an average price target of $167.00.
Shares of ABIOMED (NASDAQ ABMD) opened at 172.18 on Tuesday. ABIOMED has a 1-year low of $95.14 and a 1-year high of $175.72. The stock has a 50 day moving average of $159.10 and a 200-day moving average of $143.65. The stock has a market capitalization of $7.59 billion, a P/E ratio of 100.69 and a beta of 0.27.
ABIOMED (NASDAQ:ABMD) last posted its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. ABIOMED had a net margin of 16.13% and a return on equity of 13.03%. The firm had revenue of $132.47 million for the quarter, compared to analyst estimates of $130.83 million. During the same quarter last year, the firm posted $0.29 earnings per share. ABIOMED’s revenue for the quarter was up 28.6% compared to the same quarter last year. Equities research analysts predict that ABIOMED will post $2.24 earnings per share for the current fiscal year.
In other ABIOMED news, COO David M. Weber sold 16,500 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $147.63, for a total value of $2,435,895.00. Following the completion of the sale, the chief operating officer now owns 125,122 shares of the company’s stock, valued at $18,471,760.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric A. Md Rose sold 982 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $145.17, for a total transaction of $142,556.94. Following the completion of the sale, the director now directly owns 13,634 shares of the company’s stock, valued at approximately $1,979,247.78. The disclosure for this sale can be found here. Insiders sold 61,782 shares of company stock valued at $9,513,610 in the last ninety days. 7.00% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in ABMD. Parametric Portfolio Associates LLC grew its position in shares of ABIOMED by 4.3% during the first quarter. Parametric Portfolio Associates LLC now owns 43,001 shares of the medical equipment provider’s stock worth $5,384,000 after buying an additional 1,789 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of ABIOMED during the first quarter worth approximately $200,000. Envestnet Asset Management Inc. grew its position in shares of ABIOMED by 21.0% during the first quarter. Envestnet Asset Management Inc. now owns 3,221 shares of the medical equipment provider’s stock worth $404,000 after buying an additional 558 shares in the last quarter. KBC Group NV acquired a new stake in shares of ABIOMED during the first quarter worth approximately $388,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of ABIOMED during the first quarter worth approximately $244,000. 89.69% of the stock is owned by institutional investors and hedge funds.
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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