Vivani Medical (NASDAQ:VANI) Upgraded to Hold at Zacks Research

Vivani Medical (NASDAQ:VANI) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other brokerages have also weighed in on VANI. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Vivani Medical in a research report on Tuesday, September 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Vivani Medical in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.00.

Vivani Medical Trading Down 11.4%

VANI opened at $1.36 on Wednesday. The company has a fifty day moving average price of $1.46 and a two-hundred day moving average price of $1.32. Vivani Medical has a 1-year low of $0.91 and a 1-year high of $1.92. The company has a market cap of $85.70 million, a P/E ratio of -3.01 and a beta of 3.15.

Vivani Medical (NASDAQ:VANI) last issued its earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01. On average, research analysts forecast that Vivani Medical will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregg Williams purchased 3,703,703 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was acquired at an average price of $1.62 per share, for a total transaction of $5,999,998.86. Following the completion of the acquisition, the director owned 21,350,815 shares of the company’s stock, valued at $34,588,320.30. This represents a 20.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 7,509,920 shares of company stock worth $10,380,455 over the last 90 days. 46.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Vivani Medical

Large investors have recently bought and sold shares of the stock. Panagora Asset Management Inc. bought a new stake in Vivani Medical in the 2nd quarter worth about $25,000. Wealthedge Investment Advisors LLC lifted its position in shares of Vivani Medical by 238.8% during the 1st quarter. Wealthedge Investment Advisors LLC now owns 125,033 shares of the company’s stock worth $131,000 after buying an additional 88,132 shares in the last quarter. Finally, Connective Capital Management LLC boosted its stake in shares of Vivani Medical by 796.2% in the 1st quarter. Connective Capital Management LLC now owns 162,098 shares of the company’s stock worth $170,000 after buying an additional 144,010 shares during the last quarter. 6.78% of the stock is currently owned by institutional investors.

Vivani Medical Company Profile

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.