Spectranetics Corp (SPNC) is Downgraded by Needham to Buy, Price Target at $27

Spectranetics Corp (SPNC) was Downgraded by Needham to ” Buy” and the brokerage firm has set the Price Target at $27. Earlier the firm had a rating of “Strong Buy ” on the company shares. Needham advised their investors in a research report released on Aug 9, 2016.

Many Wall Street Analysts have commented on Spectranetics Corp. 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 .Company shares were Reiterated by Needham on Jul 29, 2016 to “Strong Buy”, Firm has raised the Price Target to $ 27 from a previous price target of $21 .

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.

Spectranetics Corp opened for trading at $23.51 and hit $24.34 on the upside on Monday, eventually ending the session at $24.01, with a gain of 1.82% or 0.43 points. The heightened volatility saw the trading volume jump to 5,50,180 shares. Company has a market cap of $1,031 M.

In a different news, on Nov 9, 2015, Scott William Drake (CEO) purchased 38,000 shares at $13.24 per share price. According to the SEC, on Nov 6, 2015, B Kristine Johnson (director) purchased 2,000 shares at $12.99 per share price. On Oct 29, 2015, R John Fletcher (director) purchased 8,240 shares at $12.04 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Spectranetics Corp

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