Zacks Investment Research Lowers Inogen (NASDAQ:INGN) to Sell

Inogen (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, Zacks.com reports. They currently have a $34.00 price target on the medical technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.75% from the stock’s current price.

According to Zacks, “Inogen reported growth in business-to-business international and domestic revenues in the last reported quarter. Inogen expects the business-to-business arm to be a strong contributor to revenues in 2020, thanks to the Tidal Assist Ventilator. Strong prospects in the POC space continue to buoy optimism. Inogen ended the first quarter on a strong note, with earnings and revenues beating estimates. Inogen is optimistic about revenue generation in Europe from the first half of 2020. On the flip side, significant contraction in gross margin adds to the woes. Also, decline in direct-to-consumer revenues during the quarter is a concern. The company also saw a decline in Sales and Rental segment revenues. Reflective of these, the company has underperformed its industry over the past year.”

INGN has been the subject of a number of other reports. William Blair lowered shares of Inogen from an “outperform” rating to a “market perform” rating in a research report on Wednesday, June 10th. Needham & Company LLC downgraded shares of Inogen from a “buy” rating to a “hold” rating in a research report on Thursday, July 23rd. SVB Leerink boosted their price target on shares of Inogen from $42.00 to $56.00 and gave the company a “market perform” rating in a report on Monday, June 1st. ValuEngine upgraded Inogen from a “hold” rating to a “buy” rating in a report on Friday, June 5th. Finally, BidaskClub downgraded Inogen from a “sell” rating to a “strong sell” rating in a research note on Friday, April 17th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $56.33.

INGN stock opened at $30.70 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.43 and a quick ratio of 4.75. The firm has a market capitalization of $676.87 million, a P/E ratio of 48.73 and a beta of 0.79. Inogen has a 52-week low of $29.97 and a 52-week high of $76.89. The company’s 50 day simple moving average is $34.50 and its 200-day simple moving average is $42.64.

Inogen (NASDAQ:INGN) last posted its quarterly earnings data on Tuesday, May 5th. The medical technology company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. The firm had revenue of $88.49 million for the quarter, compared to analysts’ expectations of $82.33 million. Inogen had a net margin of 3.90% and a return on equity of 4.93%. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. Sell-side analysts predict that Inogen will post -0.1 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INGN. Harvest Fund Management Co. Ltd bought a new position in shares of Inogen in the 1st quarter valued at approximately $27,000. Verus Capital Partners LLC bought a new position in shares of Inogen in the first quarter valued at approximately $44,000. Nisa Investment Advisors LLC lifted its stake in shares of Inogen by 933.3% in the first quarter. Nisa Investment Advisors LLC now owns 930 shares of the medical technology company’s stock worth $48,000 after buying an additional 840 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Inogen by 81.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,948 shares of the medical technology company’s stock worth $69,000 after buying an additional 875 shares during the period. Finally, Synovus Financial Corp raised its holdings in Inogen by 46.7% in the 1st quarter. Synovus Financial Corp now owns 2,878 shares of the medical technology company’s stock worth $140,000 after acquiring an additional 916 shares during the period.

About Inogen

Inogen, Inc, a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

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