CONMED Corporation (CNMD) was Downgraded by Leerink Partners to ” Mkt Perform” while Lowering the Price Target of the company shares to $ 47 from a previous price target of $56 . Earlier the firm had a rating of “Outperform ” on the company shares. Leerink Partners advised their investors in a research report released on Jul 28, 2016.
On the company’s financial health, CONMED Corporation reported $0.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.44. The company had revenue of $193.40 million for the quarter, compared to analysts expectations of $191.51 million. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.
CONMED Corporation closed down -8.28 points or -17.18% at $39.92 with 15,65,427 shares getting traded on Thursday. Post opening the session at $42.4, the shares hit an intraday low of $38.3 and an intraday high of $42.405 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Jul 5, 2016, Charles Farkas (director) purchased 282 shares at $47.87 per share price. According to the SEC, on Jun 6, 2016, Luke A Pomilio (EVP, Finance & CFO) sold 4,400 shares at $41.56 per share price. On Mar 7, 2016, Mark D Snyder (EVP Mfg. Ops & Business System) sold 2,940 shares at $41.32 per share price, according to the Form-4 filing with the securities and exchange commission.
CONMED Corporation is a medical technology company. The Company is engaged in the development manufacturing and sale on a global basis of surgical devices and related equipment. The Companys products are used by surgeons and physicians in a variety of specialties including orthopedics general surgery gynecology neurosurgery and gastroenterology. Its product lines consist of orthopedic surgery general surgery and surgical visualization. Orthopedic surgery consists of sports medicine instrumentation and small bone large bone and specialty powered surgical instruments. General surgery consists of a line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures a line of cardiac monitoring products as well as electrosurgical generators and related instruments. Surgical visualization consists of 2D and 3D video systems for use in minimally invasive orthopedic and general surgery.