CochLear (OTCMKTS:CHEOY) Shares Gap Up – Still a Buy?

Shares of CochLear Ltd. Unsponsored ADR (OTCMKTS:CHEOY) gapped up prior to trading on Tuesday. The stock had previously closed at $45.44, but opened at $48.60. CochLear shares last traded at $48.60, with a volume of 438 shares.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Royal Bank Of Canada downgraded shares of CochLear from an “outperform” rating to a “sector perform” rating and set a $117.00 price objective on the stock. in a research report on Thursday, July 16th. Jefferies Financial Group lowered shares of CochLear from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Canaccord Genuity Group downgraded shares of CochLear from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Zacks Research raised shares of CochLear from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Five analysts have rated the stock with a Hold rating. Based on data from MarketBeat, CochLear presently has an average rating of “Hold” and a consensus target price of $117.00.

CochLear Stock Up 5.9%

The company has a 50 day moving average of $47.76 and a two-hundred day moving average of $44.16.

About CochLear

Cochlear Limited is an Australian medical device company that develops, manufactures and supplies implantable hearing solutions for people with moderate to profound hearing loss. Its portfolio includes cochlear implants, bone conduction implants and related sound processors, accessories and connectivity products designed to help users hear in a range of environments.

The company also provides clinical support, rehabilitation resources, software, technical services and ongoing care for recipients, clinicians and hearing professionals.