Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on SeaSpine Holdings (SPNE) today and set a price target of $22. The company’s shares closed on Friday at $17.15.
Bijou observed:
“We reiterate our Overweight rating on SeaSpine and 12-month PT of $22. SPNE is a relatively small player (1% market share) in the spine market; however we think that its new product launches and an underappreciated, sizable orthobiologics business should help SPNE differentiate it from other spine companies of similar size. Given the size of the company and the inconsistent results post-spin, we think many investors have not been following the recent progress at the company. We believe SPNE will have to continue to execute and deliver on management’s expectation of exiting the year at high single digit or low double-digit growth to drive appreciation in the stock.”
According to TipRanks.com, Bijou is a 1-star analyst with an average return of -2.4% and a 34.3% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for SeaSpine Holdings with a $20.33 average price target.
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Based on SeaSpine Holdings’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $9.53 million. In comparison, last year the company had a GAAP net loss of $7.51 million.
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SeaSpine Holdings Corp. is a medical technology company, which focuses on design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. It has a comprehensive portfolio of orthobiologics and spinal fusion hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. The company was founded on February 12, 2015 and is headquartered in Carlsbad, CA.
