ABIOMED, Inc. (NASDAQ:ABMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, November 7th. The brokerage currently has a $220.00 target price on the medical equipment provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.14% from the company’s previous close.
According to Zacks, “Over the last six months, Abiomed has been trading above the broader industry. Management expects that robust demand for the Impella product line will continue to drive Abiomed’s top line. The company’s expanding product portfolio will improve penetration into both the prophylactic high-risk PCI and cardiogenic shock patient market. This is evident from the fact that both Impella 2.5 and CP continue to add centers in the U.S. The company also announced the successful launch of the Abiomed Impella Quality Program in fiscal 2017 to improve clinical outcomes. Also, cost-savings efforts remain encouraging. Furthermore, a rising estimate revision trend for the current year indicates a pocket of opportunity for the stock. However, intensifying competition in the niche markets is likely to mar prospects over the long haul.”
A number of other brokerages also recently issued reports on ABMD. Morgan Stanley restated an “equal weight” rating and issued a $140.00 price target (up from $135.00) on shares of ABIOMED in a research report on Monday, July 10th. SunTrust Banks, Inc. initiated coverage on ABIOMED in a research report on Friday, September 29th. They issued a “buy” rating and a $195.00 price target for the company. BTIG Research downgraded ABIOMED from a “buy” rating to a “neutral” rating in a research report on Monday, October 16th. BidaskClub downgraded ABIOMED from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, Jefferies Group LLC increased their target price on ABIOMED from $165.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $185.38.
ABIOMED (NASDAQ:ABMD) last posted its earnings results on Thursday, October 26th. The medical equipment provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.16. The firm had revenue of $132.80 million during the quarter, compared to the consensus estimate of $131.18 million. ABIOMED had a return on equity of 13.89% and a net margin of 18.27%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. sell-side analysts predict that ABIOMED will post 2.38 earnings per share for the current fiscal year.
In related news, Director Eric A. Md Rose sold 982 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $145.17, for a total transaction of $142,556.94. Following the sale, the director now owns 13,634 shares of the company’s stock, valued at $1,979,247.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Andrew J. Greenfield sold 11,282 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $169.32, for a total value of $1,910,268.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,628 shares of company stock worth $4,978,890. Insiders own 7.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of ABMD. Huntington National Bank acquired a new stake in ABIOMED in the second quarter worth about $100,000. Seven Eight Capital LP acquired a new stake in ABIOMED in the second quarter worth about $100,000. Rehmann Capital Advisory Group acquired a new stake in ABIOMED in the third quarter worth about $202,000. Sigma Planning Corp acquired a new stake in ABIOMED in the third quarter worth about $206,000. Finally, Dorsey & Whitney Trust CO LLC acquired a new stake in ABIOMED in the third quarter worth about $215,000. 90.74% of the stock is currently owned by institutional investors.
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ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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