Silk Road Medical (NASDAQ:SILK) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Silk Road Medical (NASDAQ:SILK) from a buy rating to a hold rating in a research report sent to investors on Friday morning, 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. “

SILK has been the topic of several other reports. JPMorgan Chase & Co. assumed coverage on Silk Road Medical in a report on Monday, April 29th. They set an overweight rating and a $45.00 target price on the stock. BMO Capital Markets began coverage on Silk Road Medical in a report on Monday, April 29th. They set 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 set a neutral rating and a $43.00 price objective on the stock. They noted that the move was a valuation call. Finally, Stifel Nicolaus began coverage on Silk Road Medical in a report on Monday, April 29th. They set a buy rating and a $44.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Silk Road Medical currently has an average rating of Buy and an average price target of $43.60.

Shares of NASDAQ:SILK traded down $1.03 during mid-day trading on Friday, hitting $39.94. 14,695 shares of the company traded hands, compared to its average volume of 190,951. Silk Road Medical has a 52-week low of $30.87 and a 52-week high of $51.50. The stock’s 50 day moving average price is $44.03.

Silk Road Medical (NASDAQ:SILK) last announced its earnings results on Monday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.14). The company had revenue of $14.93 million during the quarter, compared to analyst estimates of $13.64 million. The company’s quarterly revenue was up 92.2% compared to the same quarter last year. Equities research analysts expect that Silk Road Medical will post -2.02 EPS for the current year.

A number of hedge funds have recently bought and sold shares of SILK. TimesSquare Capital Management LLC acquired a new stake in shares of Silk Road Medical during the second quarter worth $18,781,000. Columbus Circle Investors purchased a new position in Silk Road Medical in the second quarter worth $1,074,000. Janus Henderson Group PLC purchased a new position in Silk Road Medical in the second quarter worth $18,751,000. Advisor Group Inc. purchased a new position in Silk Road Medical in the second quarter worth $78,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in Silk Road Medical in the second quarter worth $84,000. Institutional investors own 8.04% of the company’s stock.

Silk Road Medical Company Profile

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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