Endologix (ELGX) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Endologix (NASDAQ:ELGX) from a hold rating to a sell rating in a report released on Tuesday morning.

According to Zacks, “Endologix, Inc. develops, manufactures and markets products for the treatment of coronary and vascular diseases. A leader in the emerging field of vascular brachytherapy, Endologix, has developed a unique method for the delivery of radiation to prevent restenosis following the interventional treatment of atherosclerosis. “

Other analysts have also recently issued research reports about the stock. Oppenheimer reiterated a hold rating on shares of Endologix in a research report on Wednesday, October 3rd. Piper Jaffray Companies cut shares of Endologix from an overweight rating to a neutral rating in a research report on Friday, August 10th. BMO Capital Markets reiterated a hold rating and set a $4.00 target price (down previously from $6.50) on shares of Endologix in a research report on Friday, August 10th. ValuEngine upgraded shares of Endologix from a sell rating to a hold rating in a research report on Thursday, August 2nd. Finally, BidaskClub cut shares of Endologix from a strong-buy rating to a buy rating in a research report on Wednesday, July 25th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $3.86.

NASDAQ:ELGX traded down $0.03 during trading hours on Tuesday, hitting $1.65. 523,678 shares of the stock were exchanged, compared to its average volume of 664,227. The company has a market cap of $161.79 million, a price-to-earnings ratio of -3.44 and a beta of 0.01. Endologix has a twelve month low of $1.49 and a twelve month high of $6.72. The company has a debt-to-equity ratio of 5.37, a quick ratio of 1.20 and a current ratio of 1.90.

Endologix (NASDAQ:ELGX) last issued its earnings results on Thursday, August 9th. The medical instruments supplier reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The company had revenue of $44.70 million during the quarter, compared to analysts’ expectations of $44.43 million. Endologix had a negative net margin of 40.92% and a negative return on equity of 69.06%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) EPS. On average, equities analysts predict that Endologix will post -0.86 EPS for the current fiscal year.

In other news, CFO Vaseem Mahboob acquired 30,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was acquired at an average price of $2.43 per share, for a total transaction of $72,900.00. Following the transaction, the chief financial officer now directly owns 146,812 shares in the company, valued at $356,753.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.10% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Endologix by 11.1% in the 2nd quarter. BlackRock Inc. now owns 5,644,438 shares of the medical instruments supplier’s stock valued at $31,948,000 after buying an additional 565,175 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Endologix by 14.0% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,431,962 shares of the medical instruments supplier’s stock valued at $8,105,000 after buying an additional 175,970 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Endologix by 13.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 429,969 shares of the medical instruments supplier’s stock valued at $2,434,000 after buying an additional 49,321 shares in the last quarter. C WorldWide Group Holding A S increased its position in shares of Endologix by 22.3% in the 2nd quarter. C WorldWide Group Holding A S now owns 364,464 shares of the medical instruments supplier’s stock valued at $2,063,000 after buying an additional 66,486 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of Endologix in the 2nd quarter valued at $442,000. Institutional investors and hedge funds own 94.03% of the company’s stock.

About Endologix

Endologix, Inc develops, manufactures, markets, and sells medical devices for the treatment of abdominal aortic aneurysms in the United States and internationally. It offers minimally-invasive endovascular repair (EVAR) products, including AFX (Anatomical Fixation) endovascular AAA system, which is a minimally invasive delivery system; VELA Proximal Endograft, which is designed for the treatment of proximal aortic neck anatomies with AFX; and the ovation abdominal stent graft system.

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