Wells Fargo & Co Downgrades SeaSpine (NASDAQ:SPNE) to Underweight
Wells Fargo & Co downgraded shares of SeaSpine (NASDAQ:SPNE) from an overweight rating to an underweight rating in a report published on Thursday, BenzingaRatingsTable reports. They currently have $13.00 price target on the medical equipment provider’s stock.
Other equities research analysts have also issued reports about the company. BidaskClub lowered SeaSpine from a buy rating to a hold rating in a research report on Friday, November 15th. ValuEngine raised SeaSpine from a hold rating to a buy rating in a report on Friday, October 4th. Finally, Zacks Investment Research downgraded SeaSpine from a hold rating to a sell rating in a report on Saturday, November 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $17.00.
Shares of NASDAQ SPNE traded down $0.23 during mid-day trading on Thursday, hitting $10.93. 5,627 shares of the stock traded hands, compared to its average volume of 63,247. SeaSpine has a 52 week low of $10.44 and a 52 week high of $18.53. The company has a market cap of $228.80 million, a price-to-earnings ratio of -5.02 and a beta of 0.18. The stock has a fifty day moving average price of $12.97 and a 200-day moving average price of $12.47.
A number of institutional investors have recently added to or reduced their stakes in SPNE. Strs Ohio boosted its holdings in SeaSpine by 7.8% in the second quarter. Strs Ohio now owns 15,200 shares of the medical equipment provider’s stock worth $201,000 after acquiring an additional 1,100 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in SeaSpine during the second quarter valued at $174,000. Wells Fargo & Company MN increased its position in SeaSpine by 52.6% during the second quarter. Wells Fargo & Company MN now owns 151,702 shares of the medical equipment provider’s stock valued at $2,010,000 after acquiring an additional 52,275 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new stake in SeaSpine during the second quarter valued at $543,000. Finally, Russell Investments Group Ltd. increased its position in SeaSpine by 10.9% during the second quarter. Russell Investments Group Ltd. now owns 892,836 shares of the medical equipment provider’s stock valued at $11,826,000 after acquiring an additional 87,743 shares during the last quarter. 65.29% of the stock is currently owned by institutional investors and hedge funds.
SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.
See Also: Liquidity
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