Novo As buys $27,846,860 stake in Spectranetics Corp (SPNC)

Spectranetics Corp (SPNC) : Novo As scooped up 880,176 additional shares in Spectranetics Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,117,002 shares of Spectranetics Corp which is valued at $27,846,860.Spectranetics Corp makes up approximately 2.84% of Novo As’s portfolio.

Other Hedge Funds, Including , Manufacturers Life Insurance Company The boosted its stake in SPNC in the latest quarter, The investment management firm added 472 additional shares and now holds a total of 28,624 shares of Spectranetics Corp which is valued at $713,596. Friess Associates added SPNC to its portfolio by purchasing 33,000 company shares during the most recent quarter which is valued at $822,690. Spectranetics Corp makes up approx 0.08% of Friess Associates’s portfolio.United Services Automobile Association reduced its stake in SPNC by selling 105,300 shares or 82.52% in the most recent quarter. The Hedge Fund company now holds 22,300 shares of SPNC which is valued at $555,939.Mycio Wealth Partners boosted its stake in SPNC in the latest quarter, The investment management firm added 116 additional shares and now holds a total of 466 shares of Spectranetics Corp which is valued at $11,617.Boston Private Wealth reduced its stake in SPNC by selling 1,100 shares or 4.45% in the most recent quarter. The Hedge Fund company now holds 23,625 shares of SPNC which is valued at $559,204. Spectranetics Corp makes up approx 0.02% of Boston Private Wealth’s portfolio.

Spectranetics Corp opened for trading at $24.57 and hit $24.81 on the upside on Thursday, eventually ending the session at $24.69, with a gain of 0.33% or 0.08 points. The heightened volatility saw the trading volume jump to 2,94,109 shares. Company has a market cap of $1,061 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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