The Spectranetics Corporation (SPNC) : Traders are bullish on The Spectranetics Corporation (SPNC) as it has outperformed the S&P 500 by a wide margin of 20.6% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.67%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.73% in the last 1 week, and is up 21.85% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 10.65% and the 50-Day Moving Average is 21.74%. The Spectranetics Corporation (NASDAQ:SPNC): On Fridays trading session , Opening price of the stock was $25.52 with an intraday high of $25.53. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $24.49. However, the stock managed to close at $24.93, a loss of 1.81% for the day. On the previous day, the stock had closed at $25.39. The total traded volume of the day was 658,981 shares.
The company Insiders own 2.9% of The Spectranetics Corporation shares according to the proxy statements. Also, UBS upgrades its rating on The Spectranetics Corporation (NASDAQ:SPNC). The global brokerage major raises the current price target from $10 per share to $30 per share. Analysts at the UBS have a current rating of Buy on the shares. The shares were previously rated Sell. The rating by the firm was issued on August 3, 2016.
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Companys products are used to treat arterial blockages in the heart and legs and to remove pacemaker and defibrillator cardiac leads. The Company offers excimer laser system known as the CVX-300. Its Vascular Intervention business unit includes a range of peripheral and cardiac laser catheters for ablation of blockages in arteries above and below the knee (peripheral atherectomy) and within coronary arteries (coronary atherectomy); support catheters to facilitate crossing of coronary and peripheral arterial blockages (crossing solutions); and thrombectomy catheters for the removal of thrombus (thrombus management). The Companys Lead Management business unit includes excimer laser sheaths, non-laser sheaths and cardiac lead management accessories.