Endologix, Inc. (ELGX) Sees Large Drop in Short Interest

Endologix, Inc. (NASDAQ:ELGX) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 12,716,628 shares, a decline of 13.1% from the October 13th total of 14,633,812 shares. Approximately 16.8% of the shares of the company are short sold. Based on an average daily trading volume, of 422,136 shares, the short-interest ratio is currently 30.1 days.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kopp Investment Advisors LLC increased its holdings in shares of Endologix by 11.5% in the second quarter. Kopp Investment Advisors LLC now owns 21,950 shares of the medical instruments supplier’s stock valued at $107,000 after buying an additional 2,270 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Endologix in the second quarter valued at $111,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Endologix in the second quarter valued at $142,000. UBS Asset Management Americas Inc. increased its holdings in shares of Endologix by 128.1% in the second quarter. UBS Asset Management Americas Inc. now owns 34,898 shares of the medical instruments supplier’s stock valued at $170,000 after buying an additional 19,600 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of Endologix by 16.4% in the second quarter. Voya Investment Management LLC now owns 38,910 shares of the medical instruments supplier’s stock valued at $189,000 after buying an additional 5,471 shares in the last quarter.

ELGX has been the subject of several analyst reports. ValuEngine downgraded Endologix from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Endologix from a “hold” rating to a “strong-buy” rating and set a $5.75 price objective for the company in a research report on Monday, July 24th. Stifel Nicolaus set a $6.00 price objective on Endologix and gave the stock a “hold” rating in a research report on Friday, October 6th. Royal Bank Of Canada reiterated a “hold” rating and set a $5.00 price objective on shares of Endologix in a research report on Tuesday, October 3rd. Finally, Canaccord Genuity reiterated a “hold” rating and set a $5.00 price objective on shares of Endologix in a research report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Endologix currently has an average rating of “Hold” and a consensus price target of $6.13.

Shares of Endologix (NASDAQ:ELGX) opened at $4.99 on Wednesday. The company has a debt-to-equity ratio of 2.61, a current ratio of 2.90 and a quick ratio of 2.11. Endologix has a 52-week low of $4.08 and a 52-week high of $9.95.

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Endologix Company Profile

Endologix, Inc is engaged in developing, manufacturing, marketing and selling medical devices for the treatment of aortic disorders. The Company’s products are intended for the treatment of abdominal aortic aneurysms (AAA). The AAA products are built on one of two platforms, including traditional minimally invasive endovascular repair (EVAR) or endovascular sealing (EVAS), its solution for sealing the aneurysm sac while maintaining blood flow through two blood flow lumens.

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