NuVasive Inc. (NUVA) Sets New 52-Week High at $65.10
Shares of NuVasive Inc. (NASDAQ:NUVA) reached a new 52-week high on Tuesday . The company traded as high as $65.10 and last traded at $64.87, with a volume of 88,799 shares traded. The stock had previously closed at $64.81.
NUVA has been the topic of a number of recent research reports. Leerink Swann reissued a “buy” rating and set a $65.00 price target on shares of NuVasive in a research report on Tuesday, May 10th. Barclays PLC raised NuVasive from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $58.00 to $63.00 in a research report on Friday, May 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $58.00 price objective on shares of NuVasive in a research report on Friday, June 3rd. Brean Capital reaffirmed a “buy” rating and set a $60.00 price objective (up previously from $58.00) on shares of NuVasive in a research report on Tuesday, June 7th. Finally, Morgan Stanley reaffirmed a “hold” rating and set a $57.00 price objective on shares of NuVasive in a research report on Tuesday, June 7th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $64.38.
The firm has a market capitalization of $3.28 billion and a price-to-earnings ratio of 67.75. The company’s 50 day moving average price is $62.49 and its 200-day moving average price is $54.01.
NuVasive (NASDAQ:NUVA) last announced its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.04. The firm earned $236.50 million during the quarter, compared to the consensus estimate of $232.86 million. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts anticipate that NuVasive Inc. will post $1.65 EPS for the current fiscal year.
In other NuVasive news, EVP Jason Hannon sold 14,534 shares of NuVasive stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $57.57, for a total value of $836,722.38. Following the completion of the transaction, the executive vice president now directly owns 37,616 shares in the company, valued at $2,165,553.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lesley H. Howe sold 3,602 shares of NuVasive stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $62.44, for a total value of $224,908.88. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in NuVasive stock. Jennison Associates LLC increased its position in shares of NuVasive Inc. (NASDAQ:NUVA) by 41.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 412,893 shares of the medical device company’s stock after buying an additional 121,061 shares during the period. Jennison Associates LLC owned about 0.84% of NuVasive worth $22,342,000 as of its most recent SEC filing.
Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.
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