Abiomed Inc. (ABMD) Lifted to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Abiomed Inc. (NASDAQ:ABMD) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $146.00 price objective on the stock.
According to Zacks, “Abiomed’s Impella utilization is accelerating at a remarkable pace with an increasing number of hospitals and customer sites purchasing the same. We believe that flagship Impella product line is a significant growth catalyst for the company. The company reported impressive first quarter 2017 results beating the Zacks Consensus Estimate on both lines. The revenue guidance was also positive, which will drive the stock price in the near term. The expanding product pipeline and continuing investments on capacity expansion are key growth catalysts. Anticipated regulatory approval in Japan is also growth driver, in our view. However, intensifying competition may hurt pricing power going forward.”
A number of other research firms have also weighed in on ABMD. Jefferies Group upped their target price on shares of Abiomed from $130.00 to $145.00 and gave the stock a buy rating in a report on Tuesday, August 9th. Leerink Swann reaffirmed an outperform rating and set a $125.00 target price on shares of Abiomed in a report on Wednesday, September 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $116.59.
Abiomed (NASDAQ:ABMD) opened at 128.47 on Wednesday. Abiomed has a 52 week low of $67.81 and a 52 week high of $131.16. The company’s 50-day moving average is $122.72 and its 200-day moving average is $109.43. The company has a market cap of $5.50 billion, a P/E ratio of 136.67 and a beta of 0.75.
Abiomed (NASDAQ:ABMD) last posted its earnings results on Thursday, July 28th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.06. The business had revenue of $103 million for the quarter, compared to analyst estimates of $97.23 million. Abiomed had a net margin of 11.75% and a return on equity of 11.86%. Abiomed’s revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, analysts anticipate that Abiomed will post $1.17 EPS for the current fiscal year.
In other news, CEO Michael R. Minogue sold 28,039 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $127.07, for a total value of $3,562,915.73. Following the transaction, the chief executive officer now owns 215,488 shares of the company’s stock, valued at approximately $27,382,060.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Henri A. Termeer sold 25,866 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $118.70, for a total transaction of $3,070,294.20. Following the completion of the transaction, the director now directly owns 325,778 shares in the company, valued at approximately $38,669,848.60. The disclosure for this sale can be found here. 10.00% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Cypress Capital Management LLC WY bought a new position in shares of Abiomed during the second quarter worth approximately $106,000. Bessemer Group Inc. raised its position in shares of Abiomed by 94.3% in the first quarter. Bessemer Group Inc. now owns 1,226 shares of the company’s stock worth $116,000 after buying an additional 595 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Abiomed by 28.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,243 shares of the company’s stock worth $136,000 after buying an additional 278 shares during the last quarter. Affinity Wealth Management bought a new position in shares of Abiomed during the first quarter worth approximately $200,000. Finally, Advisor Group Inc. bought a new position in shares of Abiomed during the second quarter worth approximately $204,000. 93.65% of the stock is currently owned by hedge funds and other institutional investors.
Abiomed Company Profile
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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