Avinger (NASDAQ:AVGR) Cut to “Hold” at Zacks Investment Research

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

According to Zacks, “Avinger, Inc. is engaged in designing, manufacturing and selling image-guided, catheter-based systems to treat peripheral arterial disease. The company’s product consists of Lightbox imaging console, Wildcat, Kittycat, Ocelot, Ocelot PIXL, Ocelot MVRX and Juicebox. Avinger, Inc. is based in Redwood City, California. “

Separately, B. Riley reissued a “buy” rating and set a $2.50 price target on shares of Avinger in a research report on Wednesday, September 1st.

AVGR stock traded down $0.03 during midday trading on Tuesday, hitting $0.79. 559,929 shares of the company’s stock were exchanged, compared to its average volume of 8,201,102. The stock’s fifty day moving average price is $0.89 and its 200-day moving average price is $1.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.56 and a current ratio of 5.20. The company has a market cap of $75.52 million, a PE ratio of -3.05 and a beta of 1.71. Avinger has a one year low of $0.21 and a one year high of $2.67.

Avinger (NASDAQ:AVGR) last issued its quarterly earnings results on Monday, August 9th. The medical device company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). Avinger had a negative return on equity of 102.07% and a negative net margin of 160.26%. On average, analysts expect that Avinger will post -0.23 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in AVGR. XTX Topco Ltd bought a new position in shares of Avinger in the 2nd quarter valued at $65,000. Bank of New York Mellon Corp acquired a new stake in Avinger in the first quarter valued at $69,000. Commonwealth Equity Services LLC increased its holdings in Avinger by 335.8% in the first quarter. Commonwealth Equity Services LLC now owns 75,272 shares of the medical device company’s stock valued at $113,000 after purchasing an additional 58,000 shares during the period. Citadel Advisors LLC acquired a new stake in Avinger in the first quarter valued at $128,000. Finally, Squarepoint Ops LLC acquired a new stake in Avinger in the second quarter valued at $141,000. Institutional investors own 11.53% of the company’s stock.

Avinger Company Profile

Avinger, Inc is a commercial-stage medical device company, which engages in the designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease. Its products include Pantheris, Lightbox, Ocelot, Wildcat, Juicebox, and Kittycat.

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