The Spectranetics Corporation (SPNC) : The traders have covered their outstanding shorts in The Spectranetics Corporation (SPNC) to the tune of -1,009,629 shares, a change of -17.6%. As on Jul 29, 2016, the outstanding shorts on the stock were 5,746,407 shares, however, by August 15, 2016, the shorts had reduced to 4,736,778 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 11.6% of the free float of the stock. It takes 7 days to cover the outstanding short positions. The stock has an average daily volume of 726,370 shares. The short interest information was released on Wednesday Aug 24th after the market close.
The Spectranetics Corporation (NASDAQ:SPNC): The stock opened at $24.94 on Wednesday but the bulls could not build on the opening and the stock topped out at $25.27 for the day. The stock traded down to $24.45 during the day, due to lack of any buying support eventually closed down at $24.61 with a loss of -1.60% for the day. The stock had closed at $25.01 on the previous day. The total traded volume was 304,745 shares.
In a related news, The Securities and Exchange Commission has divulged that Ruggio Joseph M, director of Spectranetics Corp, had unloaded 5,000 shares at an average price of $25 in a transaction dated on August 11, 2016. The total value of the transaction was worth $125,000.
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.