Oppenheimer analyst Steven Lichtman maintained a Hold rating on Endologix Inc (NASDAQ: ELGX) today and set a price target of $4. The company’s shares opened today at $3.71.
Lichtman commented:
“After a strategic evaluation led by new CEO John Onopchenko, ELGX announced significant changes to its strategy. FY18 guidance was lowered $25M to $145M-155M, driven primarily by changes in sales focus (shifting focus away from lower volume accounts and countries) as well as potential impact of recent field safety notices. Management is targeting expense cuts more than its reduced sales guide. On the pipeline, Alto is on track for 1H19 launch and Nellix IDE is ongoing (management expects enrollment completion to push beyond ’18-end). We look for more details on long-term goals at ELGX’s 10/2 investor briefing. In 2Q18, sales of $44.7M (-7.9%) were slightly above our/in line with consensus estimates of $43.8M/$44.7M with International coming in slightly better than our estimate. Maintain Perform.”
According to TipRanks.com, Lichtman has 0 stars on 0-5 star ranking scale with an average return of -2.9% and a 52.4% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.
Currently, the analyst consensus on Endologix Inc is a Hold with an average price target of $5.17, which is a 39.4% upside from current levels. In a report released today, Piper Jaffray also downgraded the stock to Hold.
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Based on Endologix Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $23.88 million. In comparison, last year the company had a GAAP net loss of $16.29 million.
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Endologix, Inc. engages in the research, development, manufacture, and trade of medical devices for the treatment of aortic disorders such as abdominal aortic aneurysms (AAA). Its products include AFX Endovascular AAA System, Nellix and Ovation. The company was founded in March 1992 and is headquartered in Irvine, CA.
