NuVasive (NUVA) Downgraded by Bank of America

NuVasive (NASDAQ:NUVA) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday, The Fly reports.

NUVA has been the subject of a number of other reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $55.00 price objective (down from $67.00) on shares of NuVasive in a research note on Tuesday, February 27th. BidaskClub raised shares of NuVasive from a “strong sell” rating to a “sell” rating in a research note on Friday, March 2nd. JPMorgan Chase & Co. lowered shares of NuVasive from an “overweight” rating to a “neutral” rating and set a $74.00 price objective for the company. in a research note on Thursday, June 21st. Cowen set a $62.00 price objective on shares of NuVasive and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, ValuEngine lowered shares of NuVasive from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $64.82.

NuVasive opened at $52.74 on Wednesday, MarketBeat Ratings reports. The company has a quick ratio of 1.30, a current ratio of 2.41 and a debt-to-equity ratio of 0.77. NuVasive has a fifty-two week low of $44.62 and a fifty-two week high of $81.68. The company has a market cap of $2.69 billion, a PE ratio of 27.61, a P/E/G ratio of 1.57 and a beta of 0.36.

NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Tuesday, May 1st. The medical device company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). NuVasive had a net margin of 4.14% and a return on equity of 13.14%. The firm had revenue of $260.50 million for the quarter, compared to analysts’ expectations of $259.43 million. During the same period in the prior year, the company posted $0.37 earnings per share. NuVasive’s quarterly revenue was up 4.6% compared to the same quarter last year. sell-side analysts predict that NuVasive will post 2.45 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Champlain Investment Partners LLC increased its holdings in shares of NuVasive by 9.6% in the 1st quarter. Champlain Investment Partners LLC now owns 3,140,110 shares of the medical device company’s stock valued at $163,945,000 after purchasing an additional 273,863 shares during the period. Dimensional Fund Advisors LP increased its holdings in NuVasive by 23.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,181,636 shares of the medical device company’s stock worth $61,693,000 after buying an additional 221,153 shares during the last quarter. AXA increased its holdings in NuVasive by 80.1% in the fourth quarter. AXA now owns 800,475 shares of the medical device company’s stock worth $46,820,000 after buying an additional 355,908 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in NuVasive by 1.0% in the fourth quarter. Bank of New York Mellon Corp now owns 681,858 shares of the medical device company’s stock worth $39,881,000 after buying an additional 6,913 shares during the last quarter. Finally, Consonance Capital Management LP acquired a new position in NuVasive in the fourth quarter worth approximately $39,481,000.

About NuVasive

NuVasive, Inc, a medical device company, develops and markets minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal product is Maximum Access Surgery, a minimally-disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.

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