Polarityte (NASDAQ:PTE) Downgraded to “Hold” at Zacks Investment Research

Polarityte (NASDAQ:PTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “PolarityTE, Inc. creates regenerative medicine and provides tissue engineering platform. It develops and obtains regulatory approval for technology which utilizes a patient’s own tissue substrates for regeneration of skin, bone, muscle, cartilage and nerves. The product pipeline comprises SkinTE, OsteoTE, AngioTE, MyoTE, CarteTE, AdiposeTE and NeuralTE. PolarityTE, Inc., formerly known as Majesco Entertainment Company, is headquatered in Salt lake City, Utah. “

A number of other research firms also recently weighed in on PTE. Northland Securities set a $50.00 target price on Polarityte and gave the stock a “buy” rating in a report on Monday, August 26th. ValuEngine upgraded Polarityte from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Cantor Fitzgerald set a $50.00 target price on Polarityte and gave the stock a “buy” rating in a report on Monday, September 23rd. Oppenheimer set a $14.00 target price on Polarityte and gave the stock a “buy” rating in a report on Wednesday, August 21st. Finally, HC Wainwright assumed coverage on Polarityte in a report on Monday, July 8th. They set a “buy” rating and a $8.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Polarityte currently has an average rating of “Buy” and a consensus price target of $23.13.

Shares of NASDAQ:PTE opened at $2.91 on Thursday. Polarityte has a 1 year low of $2.81 and a 1 year high of $18.17. The company has a market cap of $77.22 million, a PE ratio of -0.60 and a beta of 1.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.72 and a quick ratio of 6.68. The stock’s 50-day moving average is $3.92 and its 200 day moving average is $6.19.

Polarityte (NASDAQ:PTE) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.13. The business had revenue of $1.32 million for the quarter, compared to analysts’ expectations of $1.57 million. During the same quarter in the prior year, the firm earned ($0.74) EPS. The firm’s revenue for the quarter was up 312.5% on a year-over-year basis. Analysts expect that Polarityte will post -4.14 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP boosted its position in shares of Polarityte by 50.9% in the 2nd quarter. Marshall Wace LLP now owns 17,881 shares of the company’s stock worth $102,000 after purchasing an additional 6,031 shares in the last quarter. Comprehensive Portfolio Management LLC boosted its position in shares of Polarityte by 29.9% in the 2nd quarter. Comprehensive Portfolio Management LLC now owns 28,200 shares of the company’s stock worth $161,000 after purchasing an additional 6,498 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Polarityte in the 1st quarter worth approximately $73,000. Charles Schwab Investment Management Inc. boosted its position in shares of Polarityte by 29.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 33,959 shares of the company’s stock worth $194,000 after purchasing an additional 7,755 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Polarityte by 6.5% in the 2nd quarter. Northern Trust Corp now owns 149,783 shares of the company’s stock worth $853,000 after purchasing an additional 9,200 shares in the last quarter. 41.51% of the stock is currently owned by hedge funds and other institutional investors.

Polarityte Company Profile

PolarityTE, Inc, a biotechnology and regenerative biomaterials company, focuses on discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine and Contract Services.

Read More: Economic Bubble

Get a free copy of the Zacks research report on Polarityte (PTE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Polarityte (NASDAQ:PTE)

Receive News & Ratings for Polarityte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Polarityte and related companies with MarketBeat.com's FREE daily email newsletter.