Prosight Management LP Takes $2.75 Million Position in PROCEPT BioRobotics Corporation $PRCT

Prosight Management LP purchased a new stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 76,991 shares of the company’s stock, valued at approximately $2,748,000. PROCEPT BioRobotics makes up approximately 0.6% of Prosight Management LP’s investment portfolio, making the stock its 29th biggest position. Prosight Management LP owned about 0.14% of PROCEPT BioRobotics as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Alliancebernstein L.P. boosted its stake in PROCEPT BioRobotics by 0.6% in the 2nd quarter. Alliancebernstein L.P. now owns 2,156,856 shares of the company’s stock worth $124,235,000 after purchasing an additional 13,163 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of PROCEPT BioRobotics by 23.3% in the third quarter. Westfield Capital Management Co. LP now owns 1,970,147 shares of the company’s stock worth $70,315,000 after purchasing an additional 371,798 shares during the last quarter. Chicago Capital LLC lifted its stake in PROCEPT BioRobotics by 175.7% during the 3rd quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock valued at $55,992,000 after acquiring an additional 999,873 shares during the period. Mackenzie Financial Corp lifted its position in PROCEPT BioRobotics by 105.2% during the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock valued at $51,909,000 after purchasing an additional 745,778 shares during the period. Finally, Champlain Investment Partners LLC boosted its holdings in PROCEPT BioRobotics by 34.3% in the third quarter. Champlain Investment Partners LLC now owns 1,437,897 shares of the company’s stock worth $51,319,000 after purchasing an additional 367,251 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRCT shares. Wall Street Zen downgraded PROCEPT BioRobotics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Morgan Stanley reduced their price objective on PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, December 2nd. Piper Sandler decreased their price objective on PROCEPT BioRobotics from $50.00 to $28.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Bank of America cut shares of PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $38.00 to $20.00 in a research note on Thursday, February 26th. Finally, Leerink Partners decreased their price target on PROCEPT BioRobotics from $55.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $40.82.

PROCEPT BioRobotics Stock Performance

Shares of PROCEPT BioRobotics stock opened at $27.13 on Friday. PROCEPT BioRobotics Corporation has a 52 week low of $19.35 and a 52 week high of $66.85. The stock’s fifty day moving average is $28.71 and its two-hundred day moving average is $32.55. The company has a market capitalization of $1.53 billion, a PE ratio of -15.87 and a beta of 1.02. The company has a quick ratio of 5.77, a current ratio of 6.85 and a debt-to-equity ratio of 0.14.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.21). PROCEPT BioRobotics had a negative return on equity of 25.13% and a negative net margin of 31.02%.The business had revenue of $76.38 million during the quarter, compared to analysts’ expectations of $93.70 million. During the same period last year, the company earned ($0.35) earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In related news, EVP Alaleh Nouri sold 3,243 shares of PROCEPT BioRobotics stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.65, for a total transaction of $83,182.95. Following the completion of the sale, the executive vice president owned 111,021 shares of the company’s stock, valued at $2,847,688.65. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin Waters sold 6,721 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.70, for a total value of $159,287.70. Following the completion of the sale, the executive vice president owned 152,264 shares in the company, valued at approximately $3,608,656.80. This represents a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders purchased 426,262 shares of company stock worth $10,483,091 and sold 16,856 shares worth $405,811. Insiders own 6.60% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.