SeaSpine (NASDAQ:SPNE) Lowered to Sell at BidaskClub

BidaskClub downgraded shares of SeaSpine (NASDAQ:SPNE) from a hold rating to a sell rating in a research report report published on Tuesday morning, BidAskClub reports.

A number of other research firms have also weighed in on SPNE. Cantor Fitzgerald initiated coverage on shares of SeaSpine in a research report on Monday, June 15th. They set a buy rating and a $18.00 target price for the company. Canaccord Genuity restated a buy rating and set a $21.00 price objective on shares of SeaSpine in a report on Thursday, May 7th. Zacks Investment Research downgraded shares of SeaSpine from a buy rating to a hold rating in a report on Saturday, April 11th. Wells Fargo & Co upgraded shares of SeaSpine from an underweight rating to an equal weight rating in a report on Sunday, April 19th. Finally, SunTrust Banks started coverage on shares of SeaSpine in a report on Thursday, April 2nd. They set a buy rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. SeaSpine has an average rating of Buy and an average target price of $17.00.

SeaSpine stock opened at $10.02 on Tuesday. The firm has a market cap of $260.73 million, a price-to-earnings ratio of -4.82 and a beta of 0.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.90 and a quick ratio of 4.30. SeaSpine has a fifty-two week low of $4.02 and a fifty-two week high of $16.78. The firm has a fifty day moving average price of $11.02 and a two-hundred day moving average price of $11.75.

SeaSpine (NASDAQ:SPNE) last released its earnings results on Wednesday, May 6th. The medical equipment provider reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.06). The firm had revenue of $36.11 million for the quarter, compared to analyst estimates of $35.89 million. SeaSpine had a negative return on equity of 27.09% and a negative net margin of 26.93%. As a group, sell-side analysts expect that SeaSpine will post -1.92 earnings per share for the current year.

In related news, major shareholder Richard E. Caruso sold 4,921 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $10.56, for a total value of $51,965.76. Following the sale, the insider now owns 20,378 shares of the company’s stock, valued at $215,191.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 9.76% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Citigroup Inc. increased its stake in SeaSpine by 52.4% in the fourth quarter. Citigroup Inc. now owns 3,181 shares of the medical equipment provider’s stock valued at $38,000 after acquiring an additional 1,094 shares during the period. Victory Capital Management Inc. increased its stake in SeaSpine by 52.8% in the fourth quarter. Victory Capital Management Inc. now owns 3,483 shares of the medical equipment provider’s stock valued at $51,000 after acquiring an additional 1,203 shares during the period. BNP Paribas Arbitrage SA increased its stake in SeaSpine by 71.5% in the first quarter. BNP Paribas Arbitrage SA now owns 6,511 shares of the medical equipment provider’s stock valued at $53,000 after acquiring an additional 2,714 shares during the period. American International Group Inc. increased its stake in SeaSpine by 29.4% in the first quarter. American International Group Inc. now owns 12,849 shares of the medical equipment provider’s stock valued at $105,000 after acquiring an additional 2,917 shares during the period. Finally, Rhumbline Advisers boosted its position in SeaSpine by 15.0% in the first quarter. Rhumbline Advisers now owns 27,717 shares of the medical equipment provider’s stock valued at $226,000 after buying an additional 3,615 shares in the last quarter. 78.23% of the stock is currently owned by institutional investors and hedge funds.

About SeaSpine

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

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Analyst Recommendations for SeaSpine (NASDAQ:SPNE)

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