The stock of Globus Medical Inc (NYSE:GMED) hit a new 52-week low and has $20.14 target or 7.00% below today’s $21.66 share price. The 7 months bearish chart indicates high risk for the $2.03B company. The 1-year low was reported on Nov, 2 by Barchart.com. If the $20.14 price target is reached, the company will be worth $142.10 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 306,576 shares traded hands. Globus Medical Inc (NYSE:GMED) has declined 8.88% since March 31, 2016 and is downtrending. It has underperformed by 11.41% the S&P500.
Globus Medical Inc (NYSE:GMED) Ratings Coverage
Out of 7 analysts covering Globus Medical Inc (NYSE:GMED), 2 rate it a “Buy”, 2 “Sell”, while 3 “Hold”. This means 29% are positive. Globus Medical Inc has been the topic of 15 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The rating was downgraded by Wells Fargo to “Market Perform” on Wednesday, July 27. Morgan Stanley initiated it with “Overweight” rating and $32 target price in Monday, September 14 report. The stock of Globus Medical Inc (NYSE:GMED) has “Buy” rating given on Tuesday, September 22 by UBS. The rating was maintained by Barclays Capital with “Equalweight” on Wednesday, July 27. Morgan Stanley initiated Globus Medical Inc (NYSE:GMED) rating on Monday, September 28. Morgan Stanley has “Overweight” rating and $32 price target. As per Wednesday, July 27, the company rating was downgraded by Leerink Swann. The stock of Globus Medical Inc (NYSE:GMED) has “Underperform” rating given on Friday, January 8 by Bank of America. The rating was initiated by Barclays Capital with “Equal-Weight” on Friday, May 27. The company was downgraded on Monday, May 16 by Goldman Sachs.
According to Zacks Investment Research, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania.”
Insitutional Activity: The institutional sentiment decreased to 1.21 in Q2 2016. Its down 0.40, from 1.61 in 2016Q1. The ratio turned negative, as 21 funds sold all Globus Medical Inc shares owned while 61 reduced positions. 25 funds bought stakes while 74 increased positions. They now own 65.87 million shares or 1.65% less from 66.98 million shares in 2016Q1.
Old National State Bank In last reported 0.03% of its portfolio in the stock. Farmers & Merchants Invs Incorporated owns 248 shares or 0% of their US portfolio. Mesirow Finance Inv Management holds 1.06% of its portfolio in Globus Medical Inc (NYSE:GMED) for 762,886 shares. Evercore Wealth Management Lc owns 158 shares or 0% of their US portfolio. Principal Fin Gru owns 14,733 shares or 0% of their US portfolio. Fort L P, a Maryland-based fund reported 38,259 shares. Globeflex Capital L P has invested 0.32% of its portfolio in Globus Medical Inc (NYSE:GMED). Alps Advisors holds 0% or 16,128 shares in its portfolio. Natl Bank has 25,821 shares for 0.01% of their US portfolio. Guggenheim Capital Llc has 0% invested in the company for 55,956 shares. Fincl Bank Of New York Mellon Corporation last reported 0.02% of its portfolio in the stock. Fiera Capital holds 373,623 shares or 0.05% of its portfolio. Perceptive Lc accumulated 50,000 shares or 0.08% of the stock. Da Davidson And has 2,992 shares for 0% of their US portfolio. Hutchin Hill Capital Limited Partnership has 54,900 shares for 0.04% of their US portfolio.
Another recent and important Globus Medical Inc (NYSE:GMED) news was published by Valuewalk.com which published an article titled: “Globus Medical Inc (GMED)’s Inside Job” on March 22, 2016.
GMED Company Profile
Globus Medical, Inc., incorporated on March 3, 2003, is a medical device company. The Firm is focused on developing products for patients with musculoskeletal disorders. It is focused on products to treat patients with spine disorders. The Company’s products fall under categories, which include Innovative Fusion and Disruptive Technologies. The Innovative Fusion category products include fusion products to treat spinal disorders for the entire spine, and they can be used in various surgical approaches. The Disruptive Technologies category represents a shift in the treatment of spinal disorders by allowing for surgical procedures and the treatment of spinal disorders.
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