Conformis (NASDAQ:CFMS) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Conformis (NASDAQ:CFMS) from a hold rating to a strong sell rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “

A number of other analysts have also issued reports on CFMS. TheStreet lowered shares of Conformis from a c rating to a d+ rating in a research report on Friday, November 26th. Oppenheimer reduced their price target on shares of Conformis from $2.50 to $2.00 and set an outperform rating for the company in a research report on Thursday, November 4th.

Shares of CFMS opened at $0.67 on Tuesday. Conformis has a one year low of $0.65 and a one year high of $1.96. The company has a 50-day moving average of $0.84 and a two-hundred day moving average of $1.18. The company has a current ratio of 9.06, a quick ratio of 8.11 and a debt-to-equity ratio of 0.18.

Conformis (NASDAQ:CFMS) last posted its quarterly earnings results on Wednesday, November 3rd. The medical instruments supplier reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The business had revenue of $14.25 million during the quarter, compared to analyst estimates of $14.08 million. Conformis had a net margin of 6.86% and a return on equity of 8.19%. During the same period in the prior year, the firm earned ($0.09) earnings per share. Equities analysts forecast that Conformis will post -0.03 EPS for the current year.

In related news, CEO Mark A. Augusti sold 49,953 shares of the firm’s stock in a transaction that occurred on Tuesday, November 2nd. The shares were sold at an average price of $1.20, for a total transaction of $59,943.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.01% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley grew its holdings in Conformis by 657.6% during the first quarter. Morgan Stanley now owns 29,283 shares of the medical instruments supplier’s stock valued at $29,000 after purchasing an additional 25,418 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Conformis during the second quarter valued at approximately $35,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Conformis during the second quarter valued at approximately $144,000. XTX Topco Ltd acquired a new position in Conformis during the second quarter valued at approximately $58,000. Finally, Vanguard Group Inc. grew its holdings in Conformis by 10.6% during the second quarter. Vanguard Group Inc. now owns 8,191,728 shares of the medical instruments supplier’s stock valued at $9,420,000 after purchasing an additional 784,004 shares during the last quarter. 39.23% of the stock is currently owned by hedge funds and other institutional investors.

Conformis Company Profile

ConforMIS, Inc is a medical technology company, which engages in the development, manufacture, and sale of joint replacement implants. It operates through the following geographical segments: United States; Germany; and Rest of the World. The firm’s products include iUni, iDuo, iTotal CR, and iTotal.

See Also: Capital gains and your 401(k) or IRA

Get a free copy of the Zacks research report on Conformis (CFMS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Conformis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Conformis and related companies with MarketBeat.com's FREE daily email newsletter.