Orthofix Medical’s (OFIX) Buy Rating Reaffirmed at Canaccord Genuity Group

Orthofix Medical (NASDAQ:OFIX)‘s stock had its “buy” rating reissued by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $24.00 target price on the medical device company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 40.53% from the company’s previous close.

OFIX has been the topic of a number of other research reports. Stifel Nicolaus raised Orthofix Medical from a “hold” rating to a “buy” rating and increased their price objective for the stock from $18.00 to $24.00 in a report on Friday, November 8th. Roth Mkm reiterated a “buy” rating and set a $22.00 price objective on shares of Orthofix Medical in a research note on Wednesday. Finally, StockNews.com upgraded Orthofix Medical from a “hold” rating to a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.33.

Orthofix Medical Stock Down 2.5 %

OFIX stock traded down $0.43 during mid-day trading on Wednesday, hitting $17.08. 102,615 shares of the company were exchanged, compared to its average volume of 172,081. The firm’s 50 day simple moving average is $17.94 and its 200 day simple moving average is $17.35. The firm has a market cap of $652.62 million, a P/E ratio of -5.49 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.11 and a current ratio of 2.39. Orthofix Medical has a 1-year low of $12.08 and a 1-year high of $20.73.

Insider Activity

In related news, CFO Julie Andrews sold 4,655 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $17.89, for a total value of $83,277.95. Following the transaction, the chief financial officer now owns 28,312 shares in the company, valued at $506,501.68. The trade was a 14.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Massimo Calafiore sold 10,078 shares of Orthofix Medical stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $16.83, for a total transaction of $169,612.74. Following the completion of the sale, the chief executive officer now directly owns 133,354 shares of the company’s stock, valued at $2,244,347.82. The trade was a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,442 shares of company stock valued at $436,883 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Juniper Investment Company LLC boosted its stake in Orthofix Medical by 123.5% during the 4th quarter. Juniper Investment Company LLC now owns 1,937,249 shares of the medical device company’s stock worth $33,824,000 after acquiring an additional 1,070,656 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Orthofix Medical by 244.1% during the fourth quarter. JPMorgan Chase & Co. now owns 290,351 shares of the medical device company’s stock worth $5,070,000 after buying an additional 205,972 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Orthofix Medical by 31.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 659,475 shares of the medical device company’s stock worth $11,515,000 after purchasing an additional 159,177 shares during the period. Emerald Mutual Fund Advisers Trust raised its position in shares of Orthofix Medical by 35.4% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 503,802 shares of the medical device company’s stock valued at $8,796,000 after buying an additional 131,653 shares in the last quarter. Finally, Boone Capital Management LLC lifted its holdings in Orthofix Medical by 13.6% in the fourth quarter. Boone Capital Management LLC now owns 1,057,313 shares of the medical device company’s stock worth $18,461,000 after buying an additional 126,806 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Orthofix Medical Company Profile

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.