Alphatec (NASDAQ:ATEC) Upgraded to “Strong-Buy” at BMO Capital Markets

Alphatec (NASDAQ:ATEC) was upgraded by equities research analysts at BMO Capital Markets to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on ATEC. Canaccord Genuity Group reduced their target price on shares of Alphatec from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $14.00 price objective (down from $25.00) on shares of Alphatec in a research report on Wednesday, May 6th. Needham & Company LLC reduced their target price on Alphatec from $25.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Lake Street Capital reiterated a “buy” rating and set a $15.00 target price on shares of Alphatec in a research report on Wednesday, May 6th. Finally, Stifel Nicolaus dropped their price target on shares of Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Alphatec presently has a consensus rating of “Moderate Buy” and an average target price of $17.46.

Alphatec Stock Performance

Shares of ATEC stock opened at $9.51 on Wednesday. Alphatec has a 1 year low of $6.82 and a 1 year high of $23.29. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -11.60 and a beta of 0.85. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.12. The business has a fifty day moving average of $8.36 and a 200 day moving average of $12.28.

Insider Transactions at Alphatec

In other Alphatec news, Director Karen K. Mcginnis sold 6,050 shares of Alphatec stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.01, for a total transaction of $48,460.50. Following the transaction, the director directly owned 94,671 shares of the company’s stock, valued at $758,314.71. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 13.48% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Alphatec by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,883,626 shares of the medical technology company’s stock valued at $144,831,000 after acquiring an additional 68,568 shares during the period. Morgan Stanley raised its position in Alphatec by 22.0% in the 4th quarter. Morgan Stanley now owns 4,340,936 shares of the medical technology company’s stock valued at $91,333,000 after purchasing an additional 784,191 shares in the last quarter. State Street Corp lifted its stake in Alphatec by 6.4% in the fourth quarter. State Street Corp now owns 2,889,240 shares of the medical technology company’s stock worth $60,790,000 after acquiring an additional 174,287 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Alphatec by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,828,026 shares of the medical technology company’s stock worth $59,511,000 after purchasing an additional 32,465 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Alphatec by 26.9% during the 1st quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock worth $27,863,000 after acquiring an additional 543,059 shares in the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc (NASDAQ: ATEC) is a medical technology company focused on the design, development and commercialization of products for the surgical correction of degenerative spinal conditions. The company’s portfolio centers on interbody implants, biologics, fixation devices and surgical planning tools intended to improve patient outcomes in spinal fusion procedures. Alphatec’s flagship offerings include customizable interbody cages, bone graft materials and specialized instrumentation designed for minimally invasive and open spinal surgeries.

Founded as Alphatec Spine in 1985 and rebranded as Alphatec Holdings in 2018, the company has grown from a single-product organization into a multi-platform innovator in the spine market.