Heartflow (NASDAQ:HTFL) Shares Down 8.8% – Here’s What Happened

Shares of Heartflow, Inc. (NASDAQ:HTFL) dropped 8.8% on Monday . The stock traded as low as $22.76 and last traded at $22.89. Approximately 328,516 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,501,651 shares. The stock had previously closed at $25.10.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Heartflow from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Wells Fargo & Company assumed coverage on Heartflow in a research report on Wednesday, January 28th. They set an “overweight” rating and a $38.00 price target on the stock. Canaccord Genuity Group upped their price objective on Heartflow from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Heartflow in a report on Monday, December 29th. Finally, Stifel Nicolaus raised their target price on shares of Heartflow from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Heartflow currently has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Heartflow Stock Down 11.7%

The stock’s 50 day moving average price is $29.53. The stock has a market capitalization of $1.89 billion and a P/E ratio of -12.24.

Insider Activity

In related news, Director Julie A. Cullivan sold 8,000 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $27.32, for a total transaction of $218,560.00. Following the transaction, the director directly owned 36,413 shares of the company’s stock, valued at approximately $994,803.16. The trade was a 18.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bain Capital Life Sciences Inv sold 2,000,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $28.05, for a total value of $56,100,000.00. Following the completion of the sale, the insider directly owned 10,448,158 shares of the company’s stock, valued at approximately $293,070,831.90. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 2,095,715 shares of company stock worth $58,533,709.

Institutional Trading of Heartflow

Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its position in Heartflow by 463.9% during the fourth quarter. Invesco Ltd. now owns 577,397 shares of the company’s stock valued at $16,831,000 after purchasing an additional 475,004 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Heartflow by 282.6% during the 4th quarter. XTX Topco Ltd now owns 43,205 shares of the company’s stock valued at $1,259,000 after acquiring an additional 31,913 shares in the last quarter. VARCOV Co. purchased a new position in shares of Heartflow during the 4th quarter valued at $1,657,000. Wellington Management Group LLP raised its holdings in shares of Heartflow by 20.8% during the fourth quarter. Wellington Management Group LLP now owns 5,894,070 shares of the company’s stock worth $171,812,000 after acquiring an additional 1,014,006 shares in the last quarter. Finally, Catalio Capital Management LP acquired a new stake in Heartflow during the fourth quarter valued at $3,319,000.

About Heartflow

HeartFlow, Inc (NASDAQ: HTFL) is a medical technology company that develops non-invasive diagnostic solutions for coronary artery disease. The company’s core offering translates coronary CT angiography (CTA) data into a patient-specific, three-dimensional physiological model of the coronary arteries. Using advanced image processing and computational modeling, HeartFlow’s analysis estimates fractional flow reserve (FFR) values throughout the coronary tree to identify ischemia-producing lesions without the need for invasive pressure-wire measurements.

HeartFlow’s cloud-based service integrates with clinical workflows: clinicians submit coronary CTA images and receive a detailed, color-coded 3D map and report that highlights lesion-specific FFR values and physiological impact.