What Made Canaccord Genuity Downgrade NuVasive’s Stock?
In a report released today, Kyle Rose from Canaccord Genuity downgraded NuVasive (NUVA) to Hold, with a price target of $52.00. The company’s shares closed last Thursday at $49.27.
According to TipRanks.com, Rose is a 4-star analyst with an average return of 8.1% and a 49.0% success rate. Rose covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Smith & Nephew Snats, and Alphatec Holdings.
NuVasive has an analyst consensus of Moderate Buy, with a price target consensus of $64.75, implying a 36.5% upside from current levels. In a report released today, Robert W. Baird also downgraded the stock to Hold with a $56.00 price target.
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Based on NuVasive’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $204 million and GAAP net loss of $50.02 million. In comparison, last year the company earned revenue of $292 million and had a net profit of $14.96 million.
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NuVasive, Inc. engages in the development of minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. It offers cervical and spine fusion surgery, cervical plating, and posterior fixation products. The company was founded by Alexis V. Lukianov on July 21, 1997 and is headquartered in San Diego, CA.