Wells Fargo & Company Cuts Alphatec (NASDAQ:ATEC) Price Target to $14.00

Alphatec (NASDAQ:ATEC) had its price objective trimmed by Wells Fargo & Company from $28.00 to $14.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the medical technology company’s stock.

Several other equities research analysts also recently commented on ATEC. Barclays reduced their price target on shares of Alphatec from $27.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $24.00 price objective on shares of Alphatec in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Alphatec from $24.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday. TD Cowen dropped their price objective on shares of Alphatec from $20.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $14.00 price objective (down from $25.00) on shares of Alphatec in a research note on Wednesday. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.58.

Alphatec Stock Down 3.0%

Shares of NASDAQ:ATEC opened at $7.52 on Thursday. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.28 and a current ratio of 1.90. The company has a market cap of $1.16 billion, a PE ratio of -9.17 and a beta of 0.96. Alphatec has a 52 week low of $6.85 and a 52 week high of $23.29. The firm has a 50 day simple moving average of $11.48 and a 200 day simple moving average of $15.85.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings results on Tuesday, May 5th. The medical technology company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.21). The firm had revenue of $192.11 million during the quarter, compared to analysts’ expectations of $197.51 million. Alphatec had a negative net margin of 15.93% and a negative return on equity of 1,183.84%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.35) EPS. As a group, research analysts expect that Alphatec will post -0.28 earnings per share for the current year.

Insider Activity at Alphatec

In other Alphatec news, EVP Craig E. Hunsaker sold 82,765 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $12.45, for a total value of $1,030,424.25. Following the transaction, the executive vice president owned 1,726,209 shares in the company, valued at approximately $21,491,302.05. This represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Sponsel sold 163,452 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $12.52, for a total transaction of $2,046,419.04. Following the completion of the transaction, the executive vice president owned 504,932 shares in the company, valued at approximately $6,321,748.64. This represents a 24.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 629,189 shares of company stock worth $7,801,589 in the last 90 days. 20.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Creative Planning increased its stake in shares of Alphatec by 0.9% during the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company’s stock worth $853,000 after purchasing an additional 534 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Alphatec by 2.1% during the 3rd quarter. Valeo Financial Advisors LLC now owns 41,296 shares of the medical technology company’s stock worth $600,000 after purchasing an additional 846 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Alphatec by 2.8% during the 3rd quarter. Arizona State Retirement System now owns 34,603 shares of the medical technology company’s stock worth $503,000 after purchasing an additional 949 shares during the last quarter. Great Lakes Advisors LLC increased its stake in shares of Alphatec by 0.4% during the 4th quarter. Great Lakes Advisors LLC now owns 278,717 shares of the medical technology company’s stock worth $5,864,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Alphatec by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 64,774 shares of the medical technology company’s stock worth $1,363,000 after purchasing an additional 1,299 shares during the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

Key Alphatec News

Here are the key news stories impacting Alphatec this week:

• Positive Sentiment: Analysts at J.P. Morgan, HC Wainwright, and Wells Fargo still maintained bullish stances on Alphatec, with price targets ranging from $14 to $24, suggesting they see recovery potential even after cutting estimates. Alphatec Holdings, Inc. (NASDAQ:ATEC) Just Reported, And Analysts Assigned A US$18.00 Price Target
• Positive Sentiment: Becker’s Spine reported that Alphatec saw 21% case volume growth in Q1, which could support future revenue growth if sustained. Alphatec sees 21% case volume growth in Q1
• Neutral Sentiment: Several analysts lowered price targets, including JPMorgan to $16, Needham to $14, and Wells Fargo to $14, reflecting reduced expectations but still implying upside from the recent share price. Alphatec (NASDAQ:ATEC) Price Target Lowered to $16.00 at JPMorgan Chase & Co.
• Neutral Sentiment: J.P. Morgan also initiated/maintained a Buy rating, adding to the mixed-but-still-positive analyst backdrop. Alphatec Holdings (ATEC) Receives a Buy from J.P. Morgan
• Negative Sentiment: Lisanti Capital reportedly dumped a $5.4 million Alphatec stake, a sign that at least one investor is losing confidence in the company’s outlook. Lisanti Capital Dumps $5.4 Million Alphatec Stake as Medical Device Maker Struggles
• Negative Sentiment: Ademi LLP launched a securities-fraud investigation into Alphatec, citing possible inaccurate statements about financials, operations, and prospects, which could add legal overhang and pressure the stock. Shareholder Alert: Ademi LLP Investigates Claims of Securities Fraud against Alphatec Holdings, Inc.

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.