Redmile Group LLC Invests $20.24 Million in IRHYTHM TECH (IRTC)

Redmile Group LLC purchased a new stake in IRHYTHM TECH (NASDAQ:IRTC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 476,341 shares of the company’s stock, valued at approximately $20,240,000. Redmile Group LLC owned approximately 2.10% of IRHYTHM TECH at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Capital Research Global Investors increased its holdings in shares of IRHYTHM TECH by 103.2% in the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock valued at $101,941,000 after purchasing an additional 1,218,580 shares in the last quarter. FMR LLC boosted its stake in IRHYTHM TECH by 382.2% in the second quarter. FMR LLC now owns 1,542,886 shares of the company’s stock valued at $65,557,000 after acquiring an additional 1,222,886 shares during the last quarter. Franklin Resources Inc. boosted its stake in IRHYTHM TECH by 5.0% in the second quarter. Franklin Resources Inc. now owns 1,109,613 shares of the company’s stock valued at $47,147,000 after acquiring an additional 53,260 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in IRHYTHM TECH by 43.7% in the second quarter. TimesSquare Capital Management LLC now owns 1,060,230 shares of the company’s stock valued at $45,049,000 after acquiring an additional 322,300 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in IRHYTHM TECH by 644.3% in the second quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock valued at $37,561,000 after acquiring an additional 765,218 shares during the last quarter. 93.25% of the stock is owned by institutional investors and hedge funds.

In other IRHYTHM TECH news, Director Raymond W. Scott sold 12,749 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $45.30, for a total value of $577,529.70. Following the completion of the transaction, the director now directly owns 12,749 shares in the company, valued at approximately $577,529.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the transaction, the director now owns 1,405 shares of the company’s stock, valued at $69,561.55. The disclosure for this sale can be found here. Insiders sold a total of 118,014 shares of company stock valued at $5,453,106 over the last 90 days. 23.30% of the stock is currently owned by corporate insiders.

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A number of equities analysts have issued reports on the stock. Zacks Investment Research cut shares of IRHYTHM TECH from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Canaccord Genuity raised their price objective on shares of IRHYTHM TECH from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $44.40.

Shares of IRHYTHM TECH (NASDAQ IRTC) traded down 0.65% during trading on Tuesday, hitting $50.42. 31,730 shares of the stock were exchanged. IRHYTHM TECH has a 52 week low of $22.16 and a 52 week high of $53.10. The firm’s 50 day moving average price is $50.38 and its 200-day moving average price is $50.38. The stock’s market cap is $1.15 billion.

IRHYTHM TECH (NASDAQ:IRTC) last released its earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million during the quarter, compared to analyst estimates of $22.10 million. IRHYTHM TECH had a negative net margin of 27.34% and a negative return on equity of 57.23%. The firm’s quarterly revenue was up 51.6% compared to the same quarter last year. On average, analysts predict that IRHYTHM TECH will post ($1.13) EPS for the current year.

About IRHYTHM TECH

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

Institutional Ownership by Quarter for IRHYTHM TECH (NASDAQ:IRTC)

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