Treace Medical Concepts (NASDAQ:TMCI) Shares Gap Up – Here’s Why

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $8.84, but opened at $9.36. Treace Medical Concepts shares last traded at $9.39, with a volume of 74,510 shares trading hands.

Analyst Upgrades and Downgrades

TMCI has been the topic of a number of research reports. Stifel Nicolaus lifted their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $8.00 target price on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Truist Financial upped their price target on Treace Medical Concepts from $8.40 to $10.00 and gave the company a “hold” rating in a research report on Monday. Lake Street Capital assumed coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They set a “buy” rating and a $14.50 price target for the company. Finally, BTIG Research upgraded Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.21.

Treace Medical Concepts Stock Up 2.7 %

The firm has a market cap of $565.72 million, a PE ratio of -9.16 and a beta of 0.75. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $8.99 and a two-hundred day simple moving average of $7.29.

Institutional Trading of Treace Medical Concepts

Hedge funds and other institutional investors have recently bought and sold shares of the company. PharVision Advisers LLC bought a new position in shares of Treace Medical Concepts in the fourth quarter worth approximately $143,000. Two Sigma Advisers LP increased its stake in Treace Medical Concepts by 45.2% in the fourth quarter. Two Sigma Advisers LP now owns 47,900 shares of the company’s stock valued at $356,000 after acquiring an additional 14,900 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Treace Medical Concepts during the fourth quarter valued at about $1,414,000. ProShare Advisors LLC purchased a new stake in Treace Medical Concepts during the fourth quarter valued at about $102,000. Finally, Nuveen Asset Management LLC lifted its stake in Treace Medical Concepts by 11.4% during the fourth quarter. Nuveen Asset Management LLC now owns 472,840 shares of the company’s stock worth $3,518,000 after purchasing an additional 48,525 shares during the last quarter. Institutional investors own 84.08% of the company’s stock.

About Treace Medical Concepts

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.