ConforMIS, Inc. (CFMS) Shares Gap Down Following Insider Selling
Shares of ConforMIS, Inc. (NASDAQ:CFMS) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $6.46, but opened at $5.93. ConforMIS shares last traded at $5.99, with a volume of 1,035,494 shares.
Specifically, Director Philipp Lang sold 74,876 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $8.00, for a total transaction of $599,008.00. Following the completion of the transaction, the director now owns 589,495 shares of the company’s stock, valued at $4,715,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Cerveny sold 3,569 shares of the stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $8.59, for a total value of $30,657.71. Following the transaction, the insider now directly owns 87,501 shares of the company’s stock, valued at approximately $751,633.59. The disclosure for this sale can be found here. Insiders have sold 877,058 shares of company stock valued at $7,421,366 in the last three months. Insiders own 9.20% of the company’s stock.
A number of research firms have recently issued reports on CFMS. B. Riley restated a “buy” rating and issued a $13.00 price target on shares of ConforMIS in a research report on Friday, November 4th. Oppenheimer Holdings, Inc. set a $13.00 price target on ConforMIS and gave the company a “buy” rating in a research report on Monday, October 24th. Zacks Investment Research upgraded ConforMIS from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Tuesday, November 8th. Canaccord Genuity set a $12.00 price target on ConforMIS and gave the company a “buy” rating in a research report on Monday, January 23rd. Finally, J P Morgan Chase & Co restated a “hold” rating and issued a $11.00 price target on shares of ConforMIS in a research report on Friday, November 4th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. ConforMIS currently has a consensus rating of “Buy” and an average target price of $10.61.
The company’s market capitalization is $256.44 million. The stock’s 50 day moving average price is $8.31 and its 200-day moving average price is $8.59.
ConforMIS (NASDAQ:CFMS) last released its quarterly earnings results on Wednesday, February 15th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.30) by $0.07. ConforMIS had a negative return on equity of 46.41% and a negative net margin of 73.53%. The company had revenue of $21.70 million for the quarter, compared to analysts’ expectations of $21.37 million. Equities research analysts predict that ConforMIS, Inc. will post ($1.34) EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Papp L Roy & Associates acquired a new stake in shares of ConforMIS during the third quarter worth $106,000. Trent Capital Management Inc. NC acquired a new stake in shares of ConforMIS during the fourth quarter worth $177,000. A.R.T. Advisors LLC acquired a new stake in shares of ConforMIS during the fourth quarter worth $178,000. Metropolitan Life Insurance Co. NY acquired a new stake in shares of ConforMIS during the second quarter worth $204,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of ConforMIS during the fourth quarter worth $311,000. 39.63% of the stock is currently owned by hedge funds and other institutional investors.
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ConforMIS, Inc is a medical technology company that uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants. The Company’s products include iTotal CR, which is the cruciate-retaining, customized total knee replacement system to restore the natural shape of a patient’s knee; iTotal PS, which is the posterior cruciate ligament substituting, or posterior-stabilized, customized total knee replacement product to restore the natural shape of a patient’s knee; iDuo, which is the customized bicompartmental knee replacement system, and iUni, which is the customized unicompartmental knee replacement product for treatment of the medial or lateral compartment of the knee.
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