Treace Medical Concepts (NASDAQ:TMCI) Stock Price Down 4.1%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) dropped 4.1% during mid-day trading on Wednesday . The company traded as low as $32.24 and last traded at $32.39. Approximately 8,635 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 307,999 shares. The stock had previously closed at $33.79.

TMCI has been the subject of a number of research reports. Morgan Stanley raised their price objective on shares of Treace Medical Concepts from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, May 26th. JPMorgan Chase & Co. initiated coverage on shares of Treace Medical Concepts in a report on Tuesday, May 18th. They issued an “overweight” rating and a $37.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Treace Medical Concepts in a report on Tuesday, May 18th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, SVB Leerink assumed coverage on shares of Treace Medical Concepts in a report on Tuesday, May 18th. They set an “outperform” rating and a $38.00 price target for the company.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings data on Monday, May 24th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $18.71 million for the quarter, compared to the consensus estimate of $18.65 million. Equities research analysts forecast that Treace Medical Concepts, Inc. will post -0.29 EPS for the current year.

In other news, CEO John T. Treace sold 5,253,805 shares of Treace Medical Concepts stock in a transaction on Tuesday, April 27th. The shares were sold at an average price of $17.00, for a total value of $89,314,685.00. Following the completion of the sale, the chief executive officer now owns 11,171,385 shares in the company, valued at approximately $189,913,545. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Hair acquired 10,000 shares of the stock in a transaction dated Tuesday, April 27th. The stock was bought at an average price of $17.00 per share, with a total value of $170,000.00. Following the purchase, the chief financial officer now directly owns 10,000 shares in the company, valued at $170,000. The disclosure for this purchase can be found here. Insiders sold a total of 5,984,285 shares of company stock valued at $101,732,845 in the last quarter.

About Treace Medical Concepts (NASDAQ:TMCI)

Treace Medical Concepts, Inc, an orthopedic medical device company, engages in the design, manufacture, and marketing of device and/or biologic solutions for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement.

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