SeaSpine (SPNE) Given “Buy” Rating at BTIG Research

BTIG Research restated their buy rating on shares of SeaSpine (NASDAQ:SPNE) in a research note released on Sunday, March 31st, AnalystRatings.com reports. BTIG Research currently has a $20.00 price target on the medical equipment provider’s stock.

“We reiterate our Buy rating and $20 PT on SPNE following investor meetings in New York. High level takeaways from meetings noted an encouraging cadence of new product introductions in FY19 and beyond, a growing proportion of committed and exclusive distributors supporting SPNE’s portfolio, access to capital (without the need for additional funds in the next 3 years), achievable guidance, and an inexpensive valuation (absolute and relative). While 1Q is typically a seasonally softer quarter in spine, the outlook for FY19 is encouraging and if 2H18 is indicative of the momentum SPNE is seeing amongst its distributors and customers then a few more quarters of consistent execution should have shares re-rating at an improved multiple. We like SPNE’s set-up in FY19 as all the key pieces are in place for improved and continued momentum.”,” BTIG Research’s analyst wrote.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald reissued a buy rating and set a $22.00 price objective on shares of SeaSpine in a report on Monday, January 7th. Zacks Investment Research lowered SeaSpine from a buy rating to a hold rating in a report on Tuesday, March 5th. BidaskClub raised SeaSpine from a sell rating to a hold rating in a report on Wednesday, February 20th. Finally, Wells Fargo & Co initiated coverage on SeaSpine in a report on Thursday, December 13th. They set an outperform rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $20.86.

Shares of SPNE traded down $0.20 during midday trading on Friday, reaching $14.16. 91,567 shares of the stock were exchanged, compared to its average volume of 92,546. SeaSpine has a 12-month low of $10.27 and a 12-month high of $20.75. The company has a market capitalization of $274.37 million, a PE ratio of -6.50 and a beta of 0.08.

SeaSpine (NASDAQ:SPNE) last posted its quarterly earnings results on Wednesday, February 27th. The medical equipment provider reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.20). SeaSpine had a negative return on equity of 30.10% and a negative net margin of 23.37%. The firm had revenue of $38.03 million for the quarter. Equities analysts forecast that SeaSpine will post -1.6 earnings per share for the current year.

In other SeaSpine news, Director Stuart Essig sold 8,900 shares of the firm’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $16.01, for a total value of $142,489.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 74,000 shares of company stock worth $1,189,948. 13.54% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of SPNE. Strs Ohio grew its position in SeaSpine by 139.0% during the first quarter. Strs Ohio now owns 14,100 shares of the medical equipment provider’s stock worth $212,000 after buying an additional 8,200 shares in the last quarter. Meeder Asset Management Inc. grew its position in SeaSpine by 406.2% during the first quarter. Meeder Asset Management Inc. now owns 2,374 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 1,905 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in SeaSpine during the fourth quarter worth approximately $201,000. Geode Capital Management LLC grew its position in SeaSpine by 42.7% during the fourth quarter. Geode Capital Management LLC now owns 148,460 shares of the medical equipment provider’s stock worth $2,706,000 after buying an additional 44,407 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in SeaSpine by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 628,605 shares of the medical equipment provider’s stock worth $11,466,000 after buying an additional 8,044 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

About SeaSpine

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

Read More: Earnings Per Share (EPS)

Analyst Recommendations for SeaSpine (NASDAQ:SPNE)

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