BMO Capital Markets reissued their buy rating on shares of NuVasive (NASDAQ:NUVA) in a research report report published on Thursday. They currently have a $70.00 price target on the medical device company’s stock.
Several other brokerages also recently issued reports on NUVA. Royal Bank of Canada reissued a buy rating and set a $85.00 price objective on shares of NuVasive in a research report on Monday, August 21st. Needham & Company LLC downgraded shares of NuVasive from a hold rating to an underperform rating in a report on Monday, August 28th. BTIG Research assumed coverage on shares of NuVasive in a report on Thursday, September 7th. They issued a buy rating and a $82.00 price target for the company. Cowen reissued an outperform rating and issued a $83.00 price target on shares of NuVasive in a report on Monday, September 18th. Finally, Leerink Swann reissued a buy rating and issued a $74.00 price target (down from $87.00) on shares of NuVasive in a report on Wednesday, September 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $72.43.
NuVasive (NASDAQ NUVA) traded up $1.21 during midday trading on Thursday, reaching $60.79. 1,279,100 shares of the company were exchanged, compared to its average volume of 845,535. The firm has a market capitalization of $3,098.34, a P/E ratio of 32.16, a PEG ratio of 2.16 and a beta of 0.77. NuVasive has a 52 week low of $49.25 and a 52 week high of $81.68. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76.
NuVasive announced that its board has approved a share repurchase plan on Tuesday, October 24th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the medical device company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of NuVasive by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock worth $146,000 after buying an additional 158 shares during the period. Howard Hughes Medical Institute raised its position in NuVasive by 82.8% in the second quarter. Howard Hughes Medical Institute now owns 2,066 shares of the medical device company’s stock valued at $159,000 after purchasing an additional 936 shares during the last quarter. Zions Bancorporation bought a new position in NuVasive in the third quarter valued at about $160,000. Shelton Capital Management bought a new position in NuVasive in the second quarter valued at about $221,000. Finally, Verition Fund Management LLC bought a new position in NuVasive in the second quarter valued at about $233,000.
Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.
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