Canaccord Genuity Cuts Heska (NASDAQ:HSKA) Price Target to $75.00
Heska (NASDAQ:HSKA) had its price objective decreased by stock analysts at Canaccord Genuity from $95.00 to $75.00 in a research note issued to investors on Thursday, AnalystRatings.com reports. The firm currently has a “buy” rating on the medical research company’s stock. Canaccord Genuity’s price target would suggest a potential upside of 11.77% from the stock’s previous close.
The analysts wrote, “We view this financing as overdue” as the company had been operating for some time at a cash balance hovering around $10 million. We trim our out year revenue and earnings estimates as we exercise more conservatism on Heska’s top line growth, and we expect a higher level of spending to help return the company to growth, following ~3 years of missing expectations. We are cautiously optimistic to see Heska deliver on its growth initiatives, however, our near-term expectations are tempered until we see evidence of stronger commercial execution. While we trim our estimates and price target to $75 (from $95), we are sticking with our BUY rating in hopes we see progress on new product and geographic expansion as we look out to 2020. Convertible notes.””
A number of other brokerages have also issued reports on HSKA. Guggenheim began coverage on Heska in a research report on Thursday, May 23rd. They issued a “neutral” rating on the stock. ValuEngine raised Heska from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 1st. Finally, BidaskClub lowered Heska from a “hold” rating to a “sell” rating in a research report on Saturday, August 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $91.00.
Heska (NASDAQ:HSKA) last announced its earnings results on Tuesday, August 6th. The medical research company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $28.15 million for the quarter, compared to analyst estimates of $29.19 million. Heska had a return on equity of 6.35% and a net margin of 1.93%. Sell-side analysts forecast that Heska will post 0.05 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of HSKA. Dimensional Fund Advisors LP increased its position in shares of Heska by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 219,430 shares of the medical research company’s stock worth $18,893,000 after acquiring an additional 1,253 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Heska by 47,400.0% during the first quarter. BNP Paribas Arbitrage SA now owns 1,425 shares of the medical research company’s stock worth $121,000 after acquiring an additional 1,422 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Heska during the first quarter worth $195,000. Rhumbline Advisers increased its position in shares of Heska by 1.0% during the first quarter. Rhumbline Advisers now owns 19,630 shares of the medical research company’s stock worth $1,671,000 after acquiring an additional 191 shares during the period. Finally, Texas Permanent School Fund increased its position in shares of Heska by 3.8% during the first quarter. Texas Permanent School Fund now owns 4,638 shares of the medical research company’s stock worth $395,000 after acquiring an additional 168 shares during the period. 89.02% of the stock is currently owned by institutional investors and hedge funds.
Heska Corporation manufactures, sells, and markets veterinary diagnostic and specialty products for canine and feline healthcare markets in the United States, Canada, Europe, and internationally. The company's Core Companion Animal segment offers Element DC and DRI-CHEM 7000 veterinary chemistry analyzers for blood chemistry and electrolyte analysis; Element HT5 and HemaTrue veterinary hematology analyzers to measure blood cell and platelet count, and hemoglobin levels; Element POC blood gas and electrolyte analyzers; Element i immunodiagnostic analyzers; Element COAG veterinary analyzers; and IV infusion pumps.
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