Bovie Medical Co. (AMEX:BVX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

According to Zacks, “Bovie Medical Corporation, formerly An-Con Genetics Inc., is engaged in the manufacturing and marketing of a diverse line of medical devices and advanced coating technologies. “

Bovie Medical (AMEX:BVX) traded up 6.28% during trading on Thursday, hitting $2.54. 38,037 shares of the stock traded hands. The firm has a 50-day moving average price of $2.46 and a 200 day moving average price of $2.66. The firm’s market cap is $78.38 million. Bovie Medical has a 12 month low of $1.87 and a 12 month high of $5.75.

Bovie Medical (AMEX:BVX) last issued its earnings results on Wednesday, August 2nd. The medical device company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. Bovie Medical had a negative return on equity of 21.74% and a negative net margin of 13.35%. The business had revenue of $9.80 million for the quarter, compared to analysts’ expectations of $8.60 million. On average, equities analysts forecast that Bovie Medical will post ($0.11) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Bovie Medical during the second quarter valued at about $199,000. Virtu KCG Holdings LLC boosted its position in shares of Bovie Medical by 23.5% in the second quarter. Virtu KCG Holdings LLC now owns 42,941 shares of the medical device company’s stock valued at $106,000 after buying an additional 8,182 shares during the period. Northern Trust Corp boosted its position in shares of Bovie Medical by 1.9% in the second quarter. Northern Trust Corp now owns 80,699 shares of the medical device company’s stock valued at $199,000 after buying an additional 1,534 shares during the period. Cowen Prime Services LLC boosted its position in shares of Bovie Medical by 205.3% in the second quarter. Cowen Prime Services LLC now owns 249,640 shares of the medical device company’s stock valued at $617,000 after buying an additional 167,862 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Bovie Medical by 33.2% in the fourth quarter. Renaissance Technologies LLC now owns 330,800 shares of the medical device company’s stock valued at $1,188,000 after buying an additional 82,400 shares during the period.

Bovie Medical Company Profile

Bovie Medical Corporation (Bovie) is an energy-based medical device company. The Company is engaged in the design, development and manufacturing of electrosurgical equipment by producing equipment for medical device manufacturers through original equipment manufacturing (OEM) agreements, as well as start-up companies.

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