Zacks Investment Research Downgrades IRIDEX (IRIX) to Sell
Zacks Investment Research lowered shares of IRIDEX (NASDAQ:IRIX) from a hold rating to a sell rating in a research report sent to investors on Wednesday.
According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “
A number of other research firms have also recently commented on IRIX. Stifel Nicolaus decreased their target price on shares of IRIDEX from $9.00 to $7.00 and set a buy rating on the stock in a research report on Friday, January 4th. Roth Capital reissued a buy rating on shares of IRIDEX in a research report on Tuesday, February 5th. Finally, ValuEngine cut shares of IRIDEX from a buy rating to a hold rating in a research report on Wednesday, January 2nd.
IRIDEX (NASDAQ:IRIX) last posted its earnings results on Tuesday, March 5th. The medical equipment provider reported ($0.21) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.03. IRIDEX had a negative net margin of 30.08% and a negative return on equity of 45.61%. As a group, analysts forecast that IRIDEX will post -0.83 EPS for the current year.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc raised its holdings in IRIDEX by 2.8% in the third quarter. Vanguard Group Inc now owns 403,547 shares of the medical equipment provider’s stock valued at $2,563,000 after acquiring an additional 11,000 shares in the last quarter. Vanguard Group Inc. increased its stake in IRIDEX by 2.8% in the third quarter. Vanguard Group Inc. now owns 403,547 shares of the medical equipment provider’s stock valued at $2,563,000 after purchasing an additional 11,000 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of IRIDEX by 4.4% during the third quarter. Renaissance Technologies LLC now owns 335,500 shares of the medical equipment provider’s stock worth $2,130,000 after acquiring an additional 14,100 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of IRIDEX by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 207,148 shares of the medical equipment provider’s stock worth $974,000 after acquiring an additional 7,404 shares during the last quarter. Finally, Isthmus Partners LLC grew its position in shares of IRIDEX by 29.6% during the fourth quarter. Isthmus Partners LLC now owns 127,298 shares of the medical equipment provider’s stock worth $598,000 after acquiring an additional 29,059 shares during the last quarter. 45.40% of the stock is currently owned by hedge funds and other institutional investors.
IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.
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