ConforMIS (CFMS) Raised to “Buy” at Zacks Investment Research

ConforMIS (NASDAQ:CFMS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, April 2nd. The firm currently has a $1.50 price target on the medical instruments supplier’s stock. Zacks Investment Research‘s price objective would indicate a potential downside of 4.46% from the stock’s current price.

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. “

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Other equities analysts also recently issued research reports about the company. BTIG Research reissued a “buy” rating and set a $4.00 target price on shares of ConforMIS in a research report on Wednesday, January 10th. JPMorgan Chase downgraded ConforMIS from a “neutral” rating to an “underweight” rating in a research report on Tuesday, January 2nd. Oppenheimer reissued a “buy” rating on shares of ConforMIS in a research report on Thursday, March 22nd. Cowen started coverage on ConforMIS in a research report on Wednesday, February 21st. They set an “outperform” rating and a $4.00 target price on the stock. Finally, Canaccord Genuity reissued a “hold” rating on shares of ConforMIS in a research report on Monday, March 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. ConforMIS presently has a consensus rating of “Hold” and a consensus target price of $4.29.

NASDAQ:CFMS traded up $0.06 during trading hours on Monday, reaching $1.57. The stock had a trading volume of 404,789 shares, compared to its average volume of 609,143. The company has a debt-to-equity ratio of 0.64, a current ratio of 5.41 and a quick ratio of 4.70. ConforMIS has a 52 week low of $1.15 and a 52 week high of $5.98. The company has a market cap of $91.26, a price-to-earnings ratio of -1.26 and a beta of 1.00.

ConforMIS (NASDAQ:CFMS) last released its quarterly earnings data on Wednesday, February 7th. The medical instruments supplier reported ($0.27) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.03. ConforMIS had a negative return on equity of 85.24% and a negative net margin of 68.59%. The business had revenue of $20.80 million for the quarter, compared to the consensus estimate of $20.07 million. During the same quarter in the previous year, the company posted ($0.37) EPS. The company’s revenue was down 4.1% compared to the same quarter last year. analysts anticipate that ConforMIS will post -0.86 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in shares of ConforMIS by 21.4% in the second quarter. The Manufacturers Life Insurance Company now owns 37,121 shares of the medical instruments supplier’s stock valued at $158,000 after acquiring an additional 6,535 shares in the last quarter. Two Sigma Investments LP acquired a new stake in ConforMIS during the fourth quarter worth $130,000. Citadel Advisors LLC increased its stake in ConforMIS by 331.2% during the third quarter. Citadel Advisors LLC now owns 113,972 shares of the medical instruments supplier’s stock worth $401,000 after acquiring an additional 87,540 shares during the last quarter. Spark Investment Management LLC increased its stake in ConforMIS by 245.3% during the fourth quarter. Spark Investment Management LLC now owns 120,500 shares of the medical instruments supplier’s stock worth $286,000 after acquiring an additional 85,600 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in ConforMIS by 43.5% during the fourth quarter. Deutsche Bank AG now owns 120,849 shares of the medical instruments supplier’s stock worth $286,000 after acquiring an additional 36,634 shares during the last quarter. Institutional investors and hedge funds own 22.98% of the company’s stock.

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About ConforMIS

ConforMIS, Inc is a medical technology company. The Company uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants, which are individually sized and shaped, to fit each patient’s anatomy. The Company’s iFit technology platform is applicable to various joints.

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