In a report released today, Michael Matson from Needham assigned a Buy rating to Hologic (NASDAQ: HOLX), with a price target of $43. The company’s shares opened today at $38.15.
Matson noted:
“FDA’s latest monthly Act (MQSA) statistics were published on 6/1/18. The number of digital breast tomosynthesis (DBT) units increased by 89 during May which represents a 3.5% Y/Y increase. DBT unit penetration increased to 32.1% from 31.8% last month and facility penetration increased to 50.3% from 49.6% last month. More importantly, DBT units placements are up 78.9% quarter-to-date (QTD) in 2Q18 vs. 2Q17. Assuming that HOLX is at least holding mammography market share, we believe its Breast Health business could accelerate some in CY18 given the strong YTD US mammography placements. We note that HOLX’s 3D mammography sales are less than 13% of its total sales.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 10.0% and a 63.0% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Hologic has an analyst consensus of Moderate Buy, with a price target consensus of $43.33.
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Based on Hologic’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $681 million. In comparison, last year the company had a net profit of $527 million.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HOLX in relation to earlier this year.
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Hologic, Inc. engages in the development, manufacture, and supply of diagnostics products, medical imaging systems, and surgical products dedicated to serve the healthcare needs of women. It operates through the following business segments: Breast Health, Diagnostics, Medical Aesthetics, GYN Surgical, and Skeletal Health.
