Inogen Inc. (INGN) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Inogen's unique direct-to-customer business model, innovative product line and growing patient base are the key catalysts in our view. New products like the Inogen One G4 and the upgraded Inogen One G3 are expected to drive growth further. Moreover, the growing adoption of portable oxygen containers (POCs) among traditional home medical equipment (HME) providers will significantly boost unit sales volume going ahead. However total revenue for full year 2016 is expected to be hurt by competitive bidding rate reductions. Additionally, rental revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions.”
INGN has been the subject of a number of other reports. JPMorgan Chase & Co. began coverage on shares of Inogen in a research report on Wednesday, July 13th. They set an overweight rating for the company. Leerink Swann reissued an outperform rating and set a $60.00 target price on shares of Inogen in a research report on Wednesday, June 8th. Needham & Company LLC reissued a strong-buy rating and set a $58.00 target price on shares of Inogen in a research report on Thursday, June 9th. Finally, Stifel Nicolaus downgraded shares of Inogen from a buy rating to a hold rating in a research report on Friday, August 5th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Inogen presently has a consensus rating of Buy and a consensus target price of $58.50.
Inogen (NASDAQ:INGN) traded up 0.69% during midday trading on Wednesday, hitting $61.09. 21,306 shares of the stock were exchanged. The firm’s 50-day moving average price is $58.73 and its 200 day moving average price is $51.31. The firm has a market capitalization of $1.23 billion, a P/E ratio of 89.84 and a beta of 0.88. Inogen has a 1-year low of $28.81 and a 1-year high of $61.87.
Inogen (NASDAQ:INGN) last released its earnings results on Thursday, August 4th. The medical technology company reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. Inogen had a net margin of 7.86% and a return on equity of 9.50%. The firm earned $54.57 million during the quarter, compared to the consensus estimate of $52.44 million. During the same period in the prior year, the firm earned $0.17 EPS. The company’s revenue was up 23.9% compared to the same quarter last year. Analysts expect that Inogen will post $0.63 earnings per share for the current fiscal year.
In other Inogen news, VP Byron Myers sold 13,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $55.00, for a total value of $715,000.00. Following the sale, the vice president now directly owns 35,185 shares in the company, valued at approximately $1,935,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matt Scribner sold 4,551 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $60.18, for a total transaction of $273,879.18. Following the completion of the sale, the executive vice president now owns 6,884 shares in the company, valued at $414,279.12. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc boosted its stake in Inogen by 0.3% in the second quarter. IFP Advisors Inc now owns 2,086 shares of the medical technology company’s stock valued at $105,000 after buying an additional 6 shares during the period. Teacher Retirement System of Texas boosted its stake in Inogen by 40.3% in the second quarter. Teacher Retirement System of Texas now owns 2,208 shares of the medical technology company’s stock valued at $111,000 after buying an additional 634 shares during the period. Legal & General Group Plc boosted its stake in Inogen by 35.1% in the first quarter. Legal & General Group Plc now owns 2,738 shares of the medical technology company’s stock valued at $117,000 after buying an additional 712 shares during the period. Mason Street Advisors LLC bought a new stake in Inogen during the second quarter valued at $142,000. Finally, Pacad Investment Ltd. bought a new stake in Inogen during the second quarter valued at $169,000.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device weighing approximately 4.8 or seven pounds.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Inogen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inogen Inc. and related companies with MarketBeat.com's FREE daily email newsletter.