Intersect ENT (XENT) Stock Price Up 20% Following Better-Than-Expected Earnings

Intersect ENT Inc (NASDAQ:XENT) shares rose 20% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $32.79 and last traded at $32.64. Approximately 1,284,818 shares changed hands during mid-day trading, an increase of 292% from the average daily volume of 327,361 shares. The stock had previously closed at $27.19.

The medical equipment provider reported ($0.25) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.02. The firm had revenue of $24.70 million during the quarter, compared to analyst estimates of $24.09 million. Intersect ENT had a negative return on equity of 15.01% and a negative net margin of 17.22%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.15) EPS.

XENT has been the subject of several recent research reports. BidaskClub lowered Intersect ENT from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Piper Jaffray Companies dropped their target price on Intersect ENT from $45.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 1st. ValuEngine upgraded Intersect ENT from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Canaccord Genuity restated a “buy” rating on shares of Intersect ENT in a research note on Wednesday, August 1st. Finally, Northland Securities restated a “hold” rating and set a $28.00 target price on shares of Intersect ENT in a research note on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $39.67.

In related news, CFO Jeryl L. Hilleman sold 12,833 shares of the business’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $27.99, for a total transaction of $359,195.67. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lisa D. Earnhardt sold 20,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $26.51, for a total value of $530,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,666 shares of company stock worth $2,435,926. 5.90% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in XENT. OppenheimerFunds Inc. purchased a new position in Intersect ENT during the 2nd quarter worth $14,949,000. BlackRock Inc. grew its stake in Intersect ENT by 19.2% during the 2nd quarter. BlackRock Inc. now owns 2,310,110 shares of the medical equipment provider’s stock valued at $86,515,000 after purchasing an additional 371,831 shares during the last quarter. FMR LLC grew its stake in Intersect ENT by 34.3% during the 2nd quarter. FMR LLC now owns 1,068,280 shares of the medical equipment provider’s stock valued at $40,007,000 after purchasing an additional 272,880 shares during the last quarter. First Trust Advisors LP purchased a new stake in Intersect ENT during the 2nd quarter valued at about $3,340,000. Finally, Royal Bank of Canada grew its stake in Intersect ENT by 298.8% during the 1st quarter. Royal Bank of Canada now owns 115,103 shares of the medical equipment provider’s stock valued at $4,522,000 after purchasing an additional 86,239 shares during the last quarter. Hedge funds and other institutional investors own 90.03% of the company’s stock.

The company has a market cap of $880.44 million, a price-to-earnings ratio of -58.29 and a beta of 0.57.

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About Intersect ENT (NASDAQ:XENT)

Intersect ENT, Inc, a drug delivery company, researches and develops products for the treatment of patients with ear, nose and throat conditions in the United States. It offers PROPEL and PROPEL mini drug releasing implants for patients undergoing sinus surgery to treat chronic sinusitis; and PROPEL Contour, a steroid releasing implant to frontal and maxillary sinus ostia, or openings, of the dependent sinuses.

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