ConforMIS jumps on analyst ’ s upgrade

ConforMIS (NSDQ:CFMS) shares closed up more than 12% yesterday after a BTIG analyst upgraded his rating on the company, which makes customized knee and hip implants. BTIG’s Ryan Zimmerman raised his rating on CFMS shares from “neutral” to”buy,” setting a price target of $4 per share. Of the 10 analysts covering the stock, six have set “buy” ratings and four have the shares on “hold,” with price targets ranging from $28 to Zimmerman’s $4. Investors reacted to the upgrade by sending CFMS shares up 12.3% to a $2.56 close yesterday on heavy volume, after the stock peaking at $2.69. More than 1 million shares traded hands yesterday, compared with average volume of nearly 275,000 shares. Billerica, Mass.-based ConforMIS gave back some of that gain today in late-morning trading, sliding-2.7% to $2.49 per share as of about 11:15am. The stock is off -24.0% this year. The company uses computed tomography joint scans to create implants and instruments customized to each patient’s unique anatomy. ConforMIS, which paid $6.5 million for the machining and polishing assets of Broad Peak Manufacturing in August, won 510(k) clearance from the FDA for the iTotal Hip replacement system in June. The post ConforMIS jumps on analyst’s upgrade appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Orthopedics Wall Street Beat conformis Source Type: news