Intersect ENT (NASDAQ:XENT)‘s stock had its “buy” rating reiterated by Canaccord Genuity in a report issued on Monday. They currently have a $36.00 price objective on the medical equipment provider’s stock. Canaccord Genuity’s target price points to a potential upside of 9.92% from the company’s previous close.

The analysts wrote, “We reiterate our BUY rating on Intersect following the earlier than expected FDA approval of Sinuva. Specifically, Intersect announced this morning that Sinuva was approved by the FDA with an indication for the treatment of nasal polyps. FDA approval came nearly a month ahead of management guidance and the FDA PDUFA date of January 7, 2018. We previously published a deep dive into the Sinuva product and market opportunity (link here). In sum, the clean approval removes FDA/regulatory overhang headed into YE/17 and positions the company with another meaningful growth driver in 2018 and beyond as Sinuva expands the market opportunity to include stand- alone treatment in the office setting. BUY.””

Several other research firms have also recently commented on XENT. Bank of America increased their price target on Intersect ENT from $33.00 to $40.00 and gave the company a “buy” rating in a report on Monday, September 11th. Zacks Investment Research raised Intersect ENT from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Thursday, October 5th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $35.00 price target on shares of Intersect ENT in a report on Tuesday, August 22nd. BidaskClub cut Intersect ENT from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Intersect ENT in a report on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Intersect ENT currently has an average rating of “Buy” and a consensus target price of $32.29.

Intersect ENT (NASDAQ:XENT) traded up $4.15 during trading hours on Monday, hitting $32.75. The company had a trading volume of 957,714 shares, compared to its average volume of 295,846. Intersect ENT has a 12-month low of $10.85 and a 12-month high of $34.40.

Intersect ENT (NASDAQ:XENT) last posted its quarterly earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.05. Intersect ENT had a negative return on equity of 15.96% and a negative net margin of 19.81%. The firm had revenue of $22.31 million during the quarter, compared to analysts’ expectations of $21.53 million. During the same quarter last year, the firm earned ($0.22) earnings per share. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. research analysts forecast that Intersect ENT will post -0.63 EPS for the current year.

In related news, CFO Jeryl L. Hilleman sold 12,833 shares of the stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $29.96, for a total value of $384,476.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Richard E. Kaufman sold 13,639 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $28.97, for a total value of $395,121.83. Following the completion of the transaction, the chief operating officer now owns 133,757 shares of the company’s stock, valued at $3,874,940.29. The disclosure for this sale can be found here. Insiders sold 113,838 shares of company stock valued at $3,317,410 over the last quarter. 13.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of XENT. FMR LLC grew its position in Intersect ENT by 247.7% in the second quarter. FMR LLC now owns 1,482,909 shares of the medical equipment provider’s stock worth $41,447,000 after acquiring an additional 1,056,389 shares during the period. Alliancebernstein L.P. grew its position in Intersect ENT by 2,746.9% in the second quarter. Alliancebernstein L.P. now owns 931,505 shares of the medical equipment provider’s stock worth $26,036,000 after acquiring an additional 898,785 shares during the period. Lord Abbett & CO. LLC purchased a new position in Intersect ENT in the second quarter worth approximately $9,384,000. EAM Investors LLC purchased a new position in Intersect ENT in the second quarter worth approximately $4,542,000. Finally, State Street Corp grew its position in Intersect ENT by 33.6% in the second quarter. State Street Corp now owns 552,344 shares of the medical equipment provider’s stock worth $15,437,000 after acquiring an additional 138,968 shares during the period. Institutional investors own 86.31% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This story was originally posted by Watch List News and is owned by of Watch List News. If you are viewing this story on another domain, it was stolen and republished in violation of US and international trademark and copyright law. The original version of this story can be accessed at https://www.watchlistnews.com/intersect-ent-xent-rating-reiterated-by-canaccord-genuity/1758322.html.

About Intersect ENT

Intersect ENT, Inc is a commercial-stage drug-device company. The Company develops drugs for patients with ear, nose and throat (ENT) conditions. The Company has developed a drug releasing bioabsorbable implant technology that enables targeted and sustained release of therapeutic agents. This targeted drug delivery technology is designed to allow ENT physicians to manage patient care.

Analyst Recommendations for Intersect ENT (NASDAQ:XENT)

Receive News & Ratings for Intersect ENT Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intersect ENT Inc and related companies with MarketBeat.com's FREE daily email newsletter.