BTIG Research Reiterates Buy Rating for Neuronetics (STIM)
“$33 PT Q3 revenue topped our estimate on both system sales and treatment sessions. Based on a number of conversations with investors, we sensed there was some concern heading into Q3 on what mix might look like (capital vs. procedure sales) and the overall sequential ramp but we feel results in the quarter confirm our view that sales expansion continues to bear fruit. On that initiative, mgmt added 4 more territories in Q3, fairly consistent with our expectations. Additionally, progress towards Japan reimbursement remains on-track with a decision on reimbursement expected in December and formal commencement in March. Until Japan commercialization begins, mgmt highlighted active preparation efforts as well as the strong level of interest among treating docs. Overall, Q3 results were strong, in our view.”,” the firm’s analyst commented.
Several other research firms have also recently issued reports on STIM. JMP Securities upped their price target on Neuronetics from $36.00 to $40.00 and gave the company an outperform rating in a report on Wednesday, August 15th. Canaccord Genuity upped their price target on Neuronetics from $33.00 to $36.00 and gave the company a buy rating in a report on Wednesday, August 15th. Piper Jaffray Companies assumed coverage on Neuronetics in a report on Monday, July 23rd. They issued an overweight rating on the stock. Finally, William Blair assumed coverage on Neuronetics in a report on Monday, July 23rd. They issued an outperform rating on the stock. Six analysts have rated the stock with a buy rating, The company has a consensus rating of Buy and an average price target of $34.50.
Neuronetics (NASDAQ:STIM) last announced its earnings results on Tuesday, November 6th. The company reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. The firm had revenue of $13.74 million for the quarter, compared to the consensus estimate of $12.68 million. On average, analysts expect that Neuronetics will post -1.98 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. American International Group Inc. bought a new position in shares of Neuronetics in the third quarter valued at $136,000. BlackRock Inc. raised its stake in Neuronetics by 16,237.6% during the 3rd quarter. BlackRock Inc. now owns 408,440 shares of the company’s stock valued at $13,095,000 after purchasing an additional 405,940 shares during the period. Bank of New York Mellon Corp acquired a new stake in Neuronetics during the 3rd quarter valued at $468,000. EAM Investors LLC acquired a new stake in Neuronetics during the 3rd quarter valued at $721,000. Finally, Alpine Woods Capital Investors LLC raised its stake in Neuronetics by 40.0% during the 3rd quarter. Alpine Woods Capital Investors LLC now owns 14,000 shares of the company’s stock valued at $449,000 after purchasing an additional 4,000 shares during the period. 60.76% of the stock is currently owned by institutional investors.
Neuronetics Company Profile
Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with psychiatric disorders. It offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment for adult patients with major depressive disorder. The company's NeuroStar Advanced Therapy System uses transcranial magnetic stimulation to create a pulsed MRI-strength magnetic field, which induces electrical currents designed to stimulate specific areas of the brain associated with mood.
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