Zacks Investment Research Lowers Silk Road Medical (NASDAQ:SILK) to Hold

Silk Road Medical (NASDAQ:SILK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Silk Road Medical Inc. is a medical device company. It is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization. TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. Silk Road Medical Inc. is based in Sunnyvale, California. “

Several other equities research analysts also recently commented on the company. Stifel Nicolaus began coverage on Silk Road Medical in a report on Monday, April 29th. They issued a “buy” rating and a $44.00 target price on the stock. BMO Capital Markets began coverage on Silk Road Medical in a report on Monday, April 29th. They issued an “outperform” rating and a $40.01 target price on the stock. Bank of America began coverage on Silk Road Medical in a report on Monday, April 29th. They issued a “neutral” rating and a $43.00 target price on the stock. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. began coverage on Silk Road Medical in a report on Monday, April 29th. They issued an “overweight” rating and a $45.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $43.60.

Silk Road Medical stock traded up $0.19 during mid-day trading on Friday, hitting $43.04. The company had a trading volume of 1,841 shares, compared to its average volume of 174,807. The business has a 50 day simple moving average of $44.12. Silk Road Medical has a 12 month low of $30.87 and a 12 month high of $51.50.

Silk Road Medical (NASDAQ:SILK) last released its earnings results on Monday, July 29th. The company reported ($0.42) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.14). The business had revenue of $14.93 million during the quarter, compared to analyst estimates of $13.64 million. The business’s quarterly revenue was up 92.2% compared to the same quarter last year. On average, equities analysts expect that Silk Road Medical will post -1.95 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Norwest Venture Partners Xiii LP purchased a new position in shares of Silk Road Medical in the 2nd quarter valued at $119,307,000. FNY Investment Advisers LLC purchased a new position in shares of Silk Road Medical in the 2nd quarter valued at $70,000. Strs Ohio purchased a new position in shares of Silk Road Medical in the 2nd quarter valued at $92,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Silk Road Medical in the 2nd quarter valued at $84,000. Finally, Advisor Group Inc. purchased a new position in shares of Silk Road Medical in the 2nd quarter valued at $78,000. 8.03% of the stock is currently owned by hedge funds and other institutional investors.

About Silk Road Medical

Silk Road Medical, Inc operates as a medical device company in the United States. It offers ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and initiate temporary blood flow reversal; ENROUTE Transcarotid Stent System, a self-expanding, self-tapering stent with clinical data regarding lasting safety outcomes; ENHANCE Transcarotid Peripheral Access Kit for use in gaining initial access to the common carotid artery; and ENROUTE 0.014 Guidewire for navigating and crossing the target lesion for delivery of interventional devices.

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