Inogen (INGN) Rating Increased to Buy at Zacks Investment Research
Inogen (NASDAQ:INGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $131.00 target price on the medical technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.78% from the stock’s current price.
According to Zacks, “Over the last year, Inogen has outperformed the broader industry in terms of price. The company expects direct-to-consumer sales to be its fastest growing channel, followed by domestic business-to-business sales in the coming quarters, with solid focus in Europe. The company is also upbeat about its full-year 2017 revenue guidance. Solid domestic and international business-to-business sales has been boosting Inogen. The company took a series of strategic initiatives to strengthen its product offerings and market position. On the flip side, declining rental revenues raise concern. Moreover, since the company generates a significant portion of its revenues from the international market, volatile foreign exchange rate will continue to raise concern. Low POC adoption, intensifying competition, reimbursement cuts and foreign exchange headwinds are other major concerns. Reimbursement cuts and foreign exchange headwinds are other major concerns.”
INGN has been the topic of a number of other reports. BidaskClub upgraded Inogen from a “sell” rating to a “hold” rating in a research report on Wednesday, January 24th. Leerink Swann restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Finally, Needham & Company LLC lifted their price target on Inogen from $108.00 to $125.00 and gave the company a “strong-buy” rating in a research report on Wednesday, November 8th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Inogen presently has an average rating of “Buy” and a consensus price target of $103.14.
In other Inogen news, insider Scott Wilkinson sold 30,651 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $115.75, for a total value of $3,547,853.25. Following the sale, the insider now directly owns 38,107 shares of the company’s stock, valued at $4,410,885.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ray Benjamin M. Anderson sold 1,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $119.06, for a total value of $119,060.00. Following the completion of the sale, the director now directly owns 1,000 shares in the company, valued at $119,060. The disclosure for this sale can be found here. Insiders have sold 150,499 shares of company stock worth $17,594,143 over the last 90 days. 5.31% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Meadow Creek Investment Management LLC boosted its holdings in Inogen by 26.0% in the fourth quarter. Meadow Creek Investment Management LLC now owns 2,576 shares of the medical technology company’s stock worth $307,000 after acquiring an additional 532 shares in the last quarter. Raymond James & Associates bought a new stake in Inogen in the fourth quarter worth $244,000. HBK Investments L P boosted its holdings in Inogen by 155.7% in the fourth quarter. HBK Investments L P now owns 17,881 shares of the medical technology company’s stock worth $2,129,000 after acquiring an additional 10,887 shares in the last quarter. Two Sigma Investments LP boosted its holdings in Inogen by 33.1% in the fourth quarter. Two Sigma Investments LP now owns 13,164 shares of the medical technology company’s stock worth $1,568,000 after acquiring an additional 3,276 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new stake in Inogen in the fourth quarter worth $288,000.
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Inogen, Inc is a medical technology company. The Company develops, manufactures and markets portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device.
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