Endologix Inc. (ELGX) Downgraded by Zacks Investment Research to Sell
Endologix Inc. (NASDAQ:ELGX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Endologix, Inc. develops, manufactures and markets products for the treatment of coronary and vascular diseases. A leader in the emerging field of vascular brachytherapy, Endologix, has developed a unique method for the delivery of radiation to prevent restenosis following the interventional treatment of atherosclerosis. “
A number of other equities analysts have also weighed in on the company. Piper Jaffray Cos. reiterated an “overweight” rating and set a $15.00 target price on shares of Endologix in a research note on Wednesday, August 3rd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $15.00 target price on shares of Endologix in a research note on Tuesday, September 27th. BMO Capital Markets reiterated a “buy” rating and set a $15.00 target price on shares of Endologix in a research note on Wednesday, August 3rd. Canaccord Genuity upgraded Endologix from a “hold” rating to a “buy” rating and set a $15.50 target price on the stock in a research note on Monday, June 13th. Finally, Guggenheim initiated coverage on Endologix in a research note on Wednesday, June 8th. They set a “buy” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $13.79.
Shares of Endologix (NASDAQ:ELGX) traded down 0.16% during mid-day trading on Tuesday, reaching $12.78. The company had a trading volume of 325,177 shares. Endologix has a 12-month low of $6.51 and a 12-month high of $14.50. The firm’s 50 day moving average is $12.38 and its 200-day moving average is $11.93. The stock’s market capitalization is $1.05 billion.
Endologix (NASDAQ:ELGX) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.07. Endologix had a negative return on equity of 41.88% and a negative net margin of 82.39%. The company earned $51 million during the quarter, compared to analysts’ expectations of $46.30 million. During the same period last year, the firm posted ($0.18) earnings per share. The business’s revenue was up 29.1% on a year-over-year basis. On average, analysts expect that Endologix will post ($0.74) earnings per share for the current fiscal year.
In other news, insider Michael V. Chobotov sold 14,000 shares of Endologix stock in a transaction on Friday, August 5th. The stock was sold at an average price of $12.40, for a total value of $173,600.00. Following the transaction, the insider now owns 189,269 shares in the company, valued at approximately $2,346,935.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jose A. Lima sold 4,710 shares of Endologix stock in a transaction on Friday, August 19th. The shares were sold at an average price of $11.68, for a total value of $55,012.80. Following the completion of the transaction, the vice president now owns 42,594 shares in the company, valued at approximately $497,497.92. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of ELGX. AXA raised its position in shares of Endologix by 52.4% in the first quarter. AXA now owns 585,437 shares of the company’s stock valued at $4,894,000 after buying an additional 201,395 shares during the last quarter. Elk Creek Partners LLC increased its stake in Endologix by 14.7% in the second quarter. Elk Creek Partners LLC now owns 1,482,885 shares of the company’s stock valued at $18,477,000 after buying an additional 190,453 shares during the period. Stephens Inc. AR increased its stake in Endologix by 16.2% in the second quarter. Stephens Inc. AR now owns 93,860 shares of the company’s stock valued at $1,169,000 after buying an additional 13,053 shares during the period. SG Americas Securities LLC purchased a new stake in Endologix during the second quarter valued at $1,098,000. Finally, Bogle Investment Management L P DE purchased a new stake in Endologix during the first quarter valued at $387,000.
Endologix, Inc is engaged in developing, manufacturing, marketing and selling medical devices for the treatment of aortic disorders. The Company’s products are intended for the treatment of abdominal aortic aneurysms (AAA). The AAA products are built on one of two platforms, including traditional minimally invasive endovascular repair (EVAR) or endovascular sealing (EVAS), its solution for sealing the aneurysm sac while maintaining blood flow through two blood flow lumens.
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