Ghost Tree Capital buys $9,348,750 stake in Spectranetics Corp (SPNC)

Spectranetics Corp (SPNC) : Ghost Tree Capital scooped up 25,000 additional shares in Spectranetics Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 375,000 shares of Spectranetics Corp which is valued at $9,348,750.Spectranetics Corp makes up approximately 3.85% of Ghost Tree Capital’s portfolio.

Other Hedge Funds, Including , Norges Bank sold out all of its stake in SPNC during the most recent quarter. The investment firm sold 24,122 shares of SPNC which is valued $601,361.New York State Common Retirement Fund reduced its stake in SPNC by selling 31,425 shares or 37.98% in the most recent quarter. The Hedge Fund company now holds 51,318 shares of SPNC which is valued at $1,279,358.Accredited Investors boosted its stake in SPNC in the latest quarter, The investment management firm added 279 additional shares and now holds a total of 40,279 shares of Spectranetics Corp which is valued at $1,022,684. Spectranetics Corp makes up approx 0.27% of Accredited Investors’s portfolio.Fortaleza Asset Management Inc reduced its stake in SPNC by selling 3,792 shares or 33.95% in the most recent quarter. The Hedge Fund company now holds 7,379 shares of SPNC which is valued at $173,997. Spectranetics Corp makes up approx 0.13% of Fortaleza Asset Management Inc’s portfolio.

Spectranetics Corp opened for trading at $25.1 and hit $25.5 on the upside on Monday, eventually ending the session at $25.12, with a gain of 0.68% or 0.17 points. The heightened volatility saw the trading volume jump to 1,41,510 shares. Company has a market cap of $1,079 M.

On the company’s financial health, Spectranetics Corp reported $-0.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.28. The company had revenue of $67.70 million for the quarter, compared to analysts expectations of $65.18 million. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.22 EPS.

Many Wall Street Analysts have commented on Spectranetics Corp. Needham Downgraded Spectranetics Corp on Aug 9, 2016 to ” Buy”, Price Target of the shares are set at $27.Company shares were Upgraded by UBS on Aug 3, 2016 to ” Buy”, Firm has raised the Price Target to $ 30 from a previous price target of $10 .Company shares were Reiterated by RBC Capital Mkts on Aug 1, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 24 from a previous price target of $17 .

The Spectranetics Corporation develops manufactures markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s 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 Company’s Lead Management business unit includes excimer laser sheaths non-laser sheaths and cardiac lead management accessories.

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