Leerink Partners Downgrades PROCEPT BioRobotics (NASDAQ:PRCT) to Market Perform

PROCEPT BioRobotics (NASDAQ:PRCT) was downgraded by Leerink Partners from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat reports. They presently have a $29.00 price target on the stock. Leerink Partners’ target price would indicate a potential downside of 0.31% from the company’s current price.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group lowered PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Wall Street Zen raised PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Piper Sandler reiterated an “overweight” rating and set a $35.00 price objective (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Tuesday, April 21st. Finally, Robert W. Baird assumed coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They issued a “neutral” rating and a $30.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $41.36.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT opened at $29.09 on Thursday. PROCEPT BioRobotics has a 12-month low of $19.35 and a 12-month high of $64.71. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -15.98 and a beta of 0.85. The stock’s 50 day moving average price is $25.78 and its two-hundred day moving average price is $28.39. The company has a quick ratio of 5.51, a current ratio of 6.73 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). The business had revenue of $83.13 million for the quarter, compared to analyst estimates of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The firm’s revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.45) earnings per share. On average, analysts anticipate that PROCEPT BioRobotics will post -1.53 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In related news, EVP Alaleh Nouri sold 5,363 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $25.96, for a total value of $139,223.48. Following the completion of the transaction, the executive vice president owned 105,354 shares of the company’s stock, valued at $2,734,989.84. This represents a 4.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 7,373 shares of company stock worth $196,135. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in shares of PROCEPT BioRobotics by 7.3% during the 1st quarter. AQR Capital Management LLC now owns 18,892 shares of the company’s stock worth $1,101,000 after buying an additional 1,286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in PROCEPT BioRobotics by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,158 shares of the company’s stock valued at $8,923,000 after purchasing an additional 13,767 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of PROCEPT BioRobotics by 54.4% during the first quarter. Intech Investment Management LLC now owns 28,389 shares of the company’s stock valued at $1,654,000 after purchasing an additional 10,002 shares during the period. Prudential Financial Inc. grew its stake in shares of PROCEPT BioRobotics by 100.4% in the 2nd quarter. Prudential Financial Inc. now owns 6,815 shares of the company’s stock valued at $393,000 after buying an additional 3,415 shares during the period. Finally, State Street Corp increased its position in PROCEPT BioRobotics by 6.9% in the 2nd quarter. State Street Corp now owns 1,269,110 shares of the company’s stock valued at $73,101,000 after buying an additional 81,849 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.