ClearPoint Neuro (NASDAQ:CLPT) Trading 11.4% Higher – Here’s Why

ClearPoint Neuro, Inc. (NASDAQ:CLPT) shares were up 11.4% on Thursday . The stock traded as high as $18.68 and last traded at $18.73. Approximately 469,036 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 743,656 shares. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CLPT shares. Stifel Nicolaus set a $16.00 target price on shares of ClearPoint Neuro in a research note on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of ClearPoint Neuro in a research note on Monday, April 20th. Finally, B. Riley Financial restated a “buy” rating on shares of ClearPoint Neuro in a research note on Thursday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ClearPoint Neuro has a consensus rating of “Hold” and a consensus price target of $18.00.

ClearPoint Neuro Trading Up 5.8%

The company’s 50 day simple moving average is $11.81 and its two-hundred day simple moving average is $12.46. The company has a quick ratio of 4.88, a current ratio of 5.79 and a debt-to-equity ratio of 2.63. The company has a market capitalization of $533.31 million, a price-to-earnings ratio of -17.46 and a beta of 1.31.

ClearPoint Neuro (NASDAQ:CLPT) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). ClearPoint Neuro had a negative return on equity of 140.96% and a negative net margin of 71.57%.The company had revenue of $12.13 million for the quarter, compared to analyst estimates of $11.97 million. As a group, research analysts anticipate that ClearPoint Neuro, Inc. will post -1.05 earnings per share for the current fiscal year.

Insider Transactions at ClearPoint Neuro

In other news, Director Timothy T. Richards sold 5,415 shares of ClearPoint Neuro stock in a transaction on Monday, June 1st. The shares were sold at an average price of $12.17, for a total transaction of $65,900.55. Following the completion of the sale, the director directly owned 87,198 shares in the company, valued at approximately $1,061,199.66. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lynnette C. Fallon sold 5,091 shares of ClearPoint Neuro stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $11.14, for a total transaction of $56,713.74. Following the sale, the director owned 48,227 shares of the company’s stock, valued at $537,248.78. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 26,506 shares of company stock worth $308,054. Company insiders own 6.94% of the company’s stock.

Institutional Investors Weigh In On ClearPoint Neuro

Several institutional investors and hedge funds have recently made changes to their positions in CLPT. Millennium Management LLC lifted its stake in shares of ClearPoint Neuro by 156.3% during the first quarter. Millennium Management LLC now owns 741,193 shares of the company’s stock worth $8,813,000 after buying an additional 452,043 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of ClearPoint Neuro by 98.3% during the first quarter. Goldman Sachs Group Inc. now owns 257,871 shares of the company’s stock worth $3,066,000 after buying an additional 127,823 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of ClearPoint Neuro by 35.4% during the second quarter. JPMorgan Chase & Co. now owns 32,790 shares of the company’s stock worth $392,000 after buying an additional 8,581 shares during the period. Legal & General Group Plc acquired a new stake in shares of ClearPoint Neuro during the second quarter worth $35,000. Finally, Rhumbline Advisers acquired a new stake in shares of ClearPoint Neuro during the second quarter worth $450,000. 30.08% of the stock is currently owned by institutional investors and hedge funds.

About ClearPoint Neuro

ClearPoint Neuro, Inc is a medical technology company specializing in the development and commercialization of an MRI-guided therapy platform for minimally invasive neurosurgical procedures. Headquartered in Cambridge, Massachusetts, the company’s flagship ClearPoint® SmartFrame™ system enables surgeons to perform accurate and efficient intracranial interventions by providing real-time magnetic resonance imaging feedback. This technology is designed to improve patient safety and outcomes in treatments ranging from deep brain stimulation electrode placement to laser ablation of epileptic foci and brain tumors.

The ClearPoint System integrates hardware, software and imaging capabilities to guide instruments through the brain with submillimeter precision.