Canaccord Genuity restated their buy rating on shares of Intersect ENT (NASDAQ:XENT) in a report released on Monday. They currently have a $36.00 price target on the medical equipment provider’s stock.
“We reiterate our BUY rating on Intersect following the earlier than expected FDA approval of Sinuva. Specifically, Intersect announced this morning that Sinuva was approved by the FDA with an indication for the treatment of nasal polyps. FDA approval came nearly a month ahead of management guidance and the FDA PDUFA date of January 7, 2018. We previously published a deep dive into the Sinuva product and market opportunity (link here). In sum, the clean approval removes FDA/regulatory overhang headed into YE/17 and positions the company with another meaningful growth driver in 2018 and beyond as Sinuva expands the market opportunity to include stand- alone treatment in the office setting. BUY.”,” the firm’s analyst wrote.
XENT has been the subject of several other research reports. Zacks Investment Research raised Intersect ENT from a hold rating to a buy rating and set a $33.00 price target for the company in a report on Thursday, October 5th. BTIG Research reissued a hold rating on shares of Intersect ENT in a report on Tuesday, November 7th. BidaskClub lowered Intersect ENT from a buy rating to a hold rating in a report on Wednesday, December 6th. Bank of America boosted their price target on Intersect ENT from $33.00 to $40.00 and gave the company a buy rating in a report on Monday, September 11th. Finally, Northland Securities reissued a hold rating and set a $25.00 price target on shares of Intersect ENT in a report on Friday, November 3rd. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $32.29.
Shares of Intersect ENT (NASDAQ:XENT) opened at $32.75 on Monday. Intersect ENT has a fifty-two week low of $10.85 and a fifty-two week high of $34.40.
Intersect ENT (NASDAQ:XENT) last issued its quarterly earnings data on Thursday, November 2nd. The medical equipment provider reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Intersect ENT had a negative return on equity of 15.96% and a negative net margin of 19.81%. The company had revenue of $22.31 million during the quarter, compared to analyst estimates of $21.53 million. During the same quarter in the previous year, the company posted ($0.22) earnings per share. Intersect ENT’s revenue was up 20.8% compared to the same quarter last year. equities analysts anticipate that Intersect ENT will post -0.63 EPS for the current fiscal year.
In other news, insider Lisa D. Earnhardt sold 20,000 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $30.19, for a total value of $603,800.00. Following the completion of the transaction, the insider now owns 525,868 shares of the company’s stock, valued at $15,875,954.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Frederic H. Moll sold 14,200 shares of the company’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $28.76, for a total value of $408,392.00. Following the completion of the transaction, the director now directly owns 247,124 shares of the company’s stock, valued at approximately $7,107,286.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,838 shares of company stock valued at $3,317,410. Corporate insiders own 13.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can bought a new position in shares of Intersect ENT in the third quarter worth about $116,000. Oppenheimer Asset Management Inc. bought a new position in shares of Intersect ENT in the third quarter worth about $117,000. Legal & General Group Plc boosted its stake in shares of Intersect ENT by 3.8% in the second quarter. Legal & General Group Plc now owns 6,939 shares of the medical equipment provider’s stock worth $193,000 after acquiring an additional 255 shares during the period. Moors & Cabot Inc. bought a new position in shares of Intersect ENT in the second quarter worth about $205,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Intersect ENT in the third quarter worth about $228,000. 86.31% of the stock is owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION WARNING: “Intersect ENT (XENT) Receives Buy Rating from Canaccord Genuity” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this news story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this news story can be read at https://ledgergazette.com/2017/12/12/intersect-ent-xent-receives-buy-rating-from-canaccord-genuity.html.
About Intersect ENT
Intersect ENT, Inc is a commercial-stage drug-device company. The Company develops drugs for patients with ear, nose and throat (ENT) conditions. The Company has developed a drug releasing bioabsorbable implant technology that enables targeted and sustained release of therapeutic agents. This targeted drug delivery technology is designed to allow ENT physicians to manage patient care.
Receive News & Ratings for Intersect ENT Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intersect ENT Inc and related companies with MarketBeat.com's FREE daily email newsletter.