Conformis (NASDAQ:CFMS) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Conformis (NASDAQ:CFMS) from a hold rating to a strong sell rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “

CFMS has been the subject of several other reports. TheStreet lowered Conformis from a c rating to a d+ rating in a research report on Friday, November 26th. Oppenheimer decreased their target price on Conformis from $2.50 to $2.00 and set an outperform rating for the company in a research report on Thursday, November 4th.

Shares of NASDAQ:CFMS opened at $0.67 on Tuesday. Conformis has a 1-year low of $0.65 and a 1-year high of $1.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 9.06 and a quick ratio of 8.11. The business has a 50-day moving average price of $0.84 and a two-hundred day moving average price of $1.18.

Conformis (NASDAQ:CFMS) last announced its quarterly earnings data on Wednesday, November 3rd. The medical instruments supplier reported ($0.07) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.07). The firm had revenue of $14.25 million during the quarter, compared to analysts’ expectations of $14.08 million. Conformis had a return on equity of 8.19% and a net margin of 6.86%. During the same period in the previous year, the business posted ($0.09) EPS. On average, equities research analysts anticipate that Conformis will post -0.03 earnings per share for the current year.

In related news, CEO Mark A. Augusti sold 49,953 shares of the business’s stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $1.20, for a total value of $59,943.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.01% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in shares of Conformis by 167.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 117,953 shares of the medical instruments supplier’s stock valued at $157,000 after purchasing an additional 73,794 shares during the period. Two Sigma Advisers LP lifted its stake in Conformis by 169.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,874,300 shares of the medical instruments supplier’s stock valued at $3,823,000 after acquiring an additional 1,808,300 shares in the last quarter. Two Sigma Investments LP lifted its stake in Conformis by 75.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,593,973 shares of the medical instruments supplier’s stock valued at $2,120,000 after acquiring an additional 685,838 shares in the last quarter. UBS Group AG lifted its stake in Conformis by 1.9% in the 3rd quarter. UBS Group AG now owns 1,827,950 shares of the medical instruments supplier’s stock valued at $2,431,000 after acquiring an additional 33,539 shares in the last quarter. Finally, Citadel Advisors LLC bought a new stake in Conformis in the 3rd quarter valued at approximately $52,000. Institutional investors and hedge funds own 39.23% of the company’s stock.

About Conformis

ConforMIS, Inc is a medical technology company, which engages in the development, manufacture, and sale of joint replacement implants. It operates through the following geographical segments: United States; Germany; and Rest of the World. The firm’s products include iUni, iDuo, iTotal CR, and iTotal.

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