“$33 PT Q3 revenue topped our estimate on both system sales and treatment sessions. Based on a number of conversations with investors, we sensed there was some concern heading into Q3 on what mix might look like (capital vs. procedure sales) and the overall sequential ramp but we feel results in the quarter confirm our view that sales expansion continues to bear fruit. On that initiative, mgmt added 4 more territories in Q3, fairly consistent with our expectations. Additionally, progress towards Japan reimbursement remains on-track with a decision on reimbursement expected in December and formal commencement in March. Until Japan commercialization begins, mgmt highlighted active preparation efforts as well as the strong level of interest among treating docs. Overall, Q3 results were strong, in our view.”,” the firm’s analyst commented.
Other research analysts have also recently issued reports about the stock. Canaccord Genuity assumed coverage on shares of Neuronetics in a report on Tuesday, July 24th. They issued a buy rating and a $33.00 price objective for the company. JMP Securities increased their price objective on shares of Neuronetics from $36.00 to $40.00 and gave the company an outperform rating in a report on Wednesday, August 15th. Piper Jaffray Companies assumed coverage on shares of Neuronetics in a report on Monday, July 23rd. They issued an overweight rating for the company. Finally, William Blair assumed coverage on shares of Neuronetics in a report on Monday, July 23rd. They issued an outperform rating for the company. Six analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and an average target price of $34.50.
Neuronetics (NASDAQ:STIM) last posted its earnings results on Tuesday, November 6th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.11. The firm had revenue of $13.74 million during the quarter, compared to the consensus estimate of $12.68 million. As a group, analysts expect that Neuronetics will post -1.98 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Polaris Venture Management Co. V L.L.C. acquired a new stake in Neuronetics during the second quarter valued at approximately $21,947,000. BlackRock Inc. lifted its stake in Neuronetics by 16,237.6% during the third quarter. BlackRock Inc. now owns 408,440 shares of the company’s stock valued at $13,095,000 after purchasing an additional 405,940 shares during the last quarter. FMR LLC acquired a new stake in Neuronetics during the second quarter valued at approximately $10,169,000. Wells Fargo & Company MN lifted its stake in Neuronetics by 19.5% during the third quarter. Wells Fargo & Company MN now owns 347,223 shares of the company’s stock valued at $11,131,000 after purchasing an additional 56,583 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in Neuronetics during the second quarter valued at approximately $8,642,000. 60.76% of the stock is owned by institutional investors and hedge funds.
Neuronetics Company Profile
Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with psychiatric disorders. It offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment for adult patients with major depressive disorder. The company's NeuroStar Advanced Therapy System uses transcranial magnetic stimulation to create a pulsed MRI-strength magnetic field, which induces electrical currents designed to stimulate specific areas of the brain associated with mood.
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