Insider Selling: electroCore (NASDAQ:ECOR) CFO Sells 3,000 Shares of Stock

electroCore, Inc. (NASDAQ:ECOR) CFO Joshua Lev sold 3,000 shares of electroCore stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $6.50, for a total value of $19,500.00. Following the sale, the chief financial officer directly owned 91,556 shares in the company, valued at approximately $595,114. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

electroCore Stock Performance

Shares of ECOR traded up $0.68 during mid-day trading on Friday, reaching $6.67. 129,637 shares of the company’s stock traded hands, compared to its average volume of 68,669. The business’s 50-day moving average price is $6.37 and its 200-day moving average price is $5.97. The stock has a market capitalization of $55.36 million, a P/E ratio of -3.77 and a beta of 0.68. electroCore, Inc. has a 12 month low of $4.16 and a 12 month high of $8.64.

electroCore (NASDAQ:ECOR) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.59) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.59). The company had revenue of $9.58 million for the quarter, compared to analysts’ expectations of $9.01 million. electroCore had a negative return on equity of 1,956.38% and a negative net margin of 44.08%. Equities research analysts anticipate that electroCore, Inc. will post -1.48 EPS for the current year.

Institutional Investors Weigh In On electroCore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ECOR. FNY Investment Advisers LLC bought a new stake in electroCore in the fourth quarter worth about $82,000. Cubist Systematic Strategies LLC bought a new stake in electroCore in the first quarter worth about $153,000. Two Sigma Investments LP raised its position in electroCore by 20.8% in the third quarter. Two Sigma Investments LP now owns 24,603 shares of the company’s stock worth $122,000 after acquiring an additional 4,231 shares in the last quarter. WealthShield Partners LLC bought a new stake in electroCore in the first quarter worth about $157,000. Finally, Jane Street Group LLC raised its position in electroCore by 114.4% in the first quarter. Jane Street Group LLC now owns 36,726 shares of the company’s stock worth $246,000 after acquiring an additional 19,599 shares in the last quarter. Institutional investors own 26.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ECOR shares. upgraded shares of electroCore to a “strong-buy” rating in a research note on Tuesday, February 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of electroCore in a research note on Friday, March 27th. HC Wainwright cut their price objective on shares of electroCore from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Finally, Zacks Research upgraded shares of electroCore from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.00.

electroCore Company Profile

electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device.

The company’s lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve.