Treace Medical Concepts (NASDAQ:TMCI) Stock Price Down 4.8%

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s share price dropped 4.8% on Wednesday . The company traded as low as $28.28 and last traded at $28.55. Approximately 2,956 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 237,105 shares. The stock had previously closed at $29.99.

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

The company has a debt-to-equity ratio of 0.29, a current ratio of 14.27 and a quick ratio of 13.50. The stock’s fifty day moving average price is $27.18.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Thursday, August 5th. The company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. The firm had revenue of $20.65 million during the quarter, compared to the consensus estimate of $18.80 million. As a group, sell-side analysts anticipate that Treace Medical Concepts, Inc. will post -0.28 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the company. Citigroup Inc. bought a new position in shares of Treace Medical Concepts during the second quarter valued at approximately $26,000. Royal Bank of Canada bought a new position in shares of Treace Medical Concepts during the second quarter valued at approximately $26,000. Ameritas Investment Partners Inc. bought a new position in shares of Treace Medical Concepts during the second quarter valued at approximately $27,000. Legal & General Group Plc bought a new position in shares of Treace Medical Concepts during the second quarter valued at approximately $36,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Treace Medical Concepts during the second quarter valued at approximately $41,000. 24.64% of the stock is owned by institutional investors.

Treace Medical Concepts Company Profile (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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