Orthofix Medical (NASDAQ:OFIX) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Orthofix Medical (NASDAQ:OFIX) in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a $24.00 target price on the medical device company’s stock.

OFIX has been the subject of several other research reports. Stifel Nicolaus upgraded shares of Orthofix Medical from a “hold” rating to a “buy” rating and lifted their target price for the stock from $18.00 to $24.00 in a research note on Friday, November 8th. Roth Mkm reiterated a “buy” rating and issued a $22.00 target price on shares of Orthofix Medical in a research note on Wednesday. Finally, StockNews.com raised shares of Orthofix Medical from a “hold” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.33.

Orthofix Medical Price Performance

OFIX opened at $17.38 on Wednesday. The company has a market capitalization of $664.16 million, a price-to-earnings ratio of -5.55 and a beta of 1.10. The company has a quick ratio of 1.11, a current ratio of 2.39 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $17.93 and a 200-day moving average price of $17.35. Orthofix Medical has a twelve month low of $12.08 and a twelve month high of $20.73.

Insider Activity at Orthofix Medical

In other news, CFO Julie Andrews sold 4,655 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $17.89, for a total value of $83,277.95. Following the transaction, the chief financial officer now owns 28,312 shares of the company’s stock, valued at $506,501.68. This represents a 14.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Massimo Calafiore sold 9,203 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $17.14, for a total transaction of $157,739.42. Following the completion of the transaction, the chief executive officer now directly owns 124,151 shares in the company, valued at $2,127,948.14. The trade was a 6.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,442 shares of company stock valued at $436,883. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Orthofix Medical

A number of institutional investors have recently made changes to their positions in OFIX. Lazard Asset Management LLC bought a new position in shares of Orthofix Medical in the 4th quarter worth $45,000. R Squared Ltd purchased a new stake in shares of Orthofix Medical in the 4th quarter valued at $50,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Orthofix Medical in the 4th quarter valued at $112,000. Tower Research Capital LLC TRC boosted its stake in shares of Orthofix Medical by 120.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,458 shares of the medical device company’s stock valued at $148,000 after purchasing an additional 4,627 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Orthofix Medical by 5.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,994 shares of the medical device company’s stock valued at $156,000 after purchasing an additional 559 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

About Orthofix Medical

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.