Alphatec (NASDAQ:ATEC) Stock Gets Price Target Cut from Canaccord Genuity Group

Alphatec (NASDAQ:ATEC) had its price objective decreased by Canaccord Genuity Group from $19.00 to $16.00 in a research note issued to investors on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical technology company’s stock.

Other research analysts also recently issued research reports about the company. UBS Group increased their target price on Alphatec from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. dropped their target price on Alphatec from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday. BMO Capital Markets cut shares of Alphatec from an “outperform” rating to a “market perform” rating and set a $8.00 price objective on the stock. in a research note on Friday. TD Cowen decreased their price target on Alphatec from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday. Finally, Stifel Nicolaus cut their target price on shares of Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Alphatec currently has a consensus rating of “Moderate Buy” and an average target price of $16.13.

Alphatec Stock Performance

Shares of NASDAQ:ATEC opened at $7.04 on Friday. Alphatec has a 1 year low of $6.81 and a 1 year high of $23.29. The stock has a 50-day simple moving average of $10.14 and a 200-day simple moving average of $10.62. The stock has a market capitalization of $1.09 billion, a P/E ratio of -12.80 and a beta of 0.88.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). The company had revenue of $221.17 million during the quarter, compared to analyst estimates of $225.16 million. Alphatec had a negative net margin of 10.35% and a negative return on equity of 6,752.24%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. Analysts predict that Alphatec will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Patrick Miles bought 115,000 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The shares were purchased at an average price of $8.81 per share, for a total transaction of $1,013,150.00. Following the acquisition, the chief executive officer directly owned 5,893,551 shares of the company’s stock, valued at $51,922,184.31. The trade was a 1.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Tyson Marshall sold 8,168 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $9.65, for a total value of $78,821.20. Following the transaction, the general counsel directly owned 630,398 shares of the company’s stock, valued at $6,083,340.70. This represents a 1.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Company insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in Alphatec by 26.9% in the first quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock valued at $27,863,000 after acquiring an additional 543,059 shares during the period. Emerald Advisers LLC raised its holdings in shares of Alphatec by 10.4% in the first quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company’s stock valued at $19,664,000 after buying an additional 169,578 shares during the last quarter. Granite Investment Partners LLC lifted its position in shares of Alphatec by 4.7% during the first quarter. Granite Investment Partners LLC now owns 1,195,156 shares of the medical technology company’s stock worth $13,003,000 after purchasing an additional 54,043 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of Alphatec by 27.1% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 1,156,826 shares of the medical technology company’s stock valued at $12,586,000 after buying an additional 246,773 shares during the period. Finally, Paradigm Capital Management Inc. NY bought a new stake in Alphatec during the 2nd quarter worth about $9,413,000. 66.35% of the stock is owned by institutional investors.

About Alphatec

Alphatec Holdings, Inc is a medical technology company focused on the design, development and commercialization of products and procedural solutions for spine surgery. The company aims to improve the treatment of spinal disorders through technologies that support spinal fusion, deformity correction, reconstruction and minimally invasive procedures.

Its portfolio includes spinal implants, surgical instruments, navigation and imaging technologies, and intraoperative monitoring solutions.