Inogen Inc. (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Inogen's unique direct-to-customer business model, innovative product line and growing patient base are the key catalysts in our view. New products like the Inogen One G4 and the upgraded Inogen One G3 are expected to drive growth further. Moreover, the growing adoption of portable oxygen containers (POCs) among traditional home medical equipment (HME) providers will significantly boost unit sales volume going ahead. However total revenue for full year 2016 is expected to be hurt by competitive bidding rate reductions. Additionally, rental revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions.”
Several other equities research analysts have also issued reports on the company. Needham & Company LLC reissued a “strong-buy” rating and set a $64.00 price target (up from $58.00) on shares of Inogen in a research report on Sunday, August 7th. JPMorgan Chase & Co. upped their price target on Inogen from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 5th. Stifel Nicolaus lowered Inogen from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. They noted that the move was a valuation call. Finally, Leerink Swann reissued an “outperform” rating and set a $60.00 price target on shares of Inogen in a research report on Wednesday, June 8th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Inogen currently has a consensus rating of “Buy” and a consensus target price of $58.50.
Inogen (NASDAQ:INGN) traded up 2.24% during midday trading on Wednesday, reaching $60.75. The company’s stock had a trading volume of 42,635 shares. The company’s 50-day moving average price is $58.62 and its 200-day moving average price is $51.24. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 89.34 and a beta of 0.88. Inogen has a 1-year low of $28.81 and a 1-year high of $61.87.
Inogen (NASDAQ:INGN) last announced its earnings results on Thursday, August 4th. The medical technology company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. Inogen had a return on equity of 9.50% and a net margin of 7.86%. The company had revenue of $54.57 million for the quarter, compared to analyst estimates of $52.44 million. During the same period in the prior year, the company posted $0.17 EPS. Inogen’s quarterly revenue was up 23.9% on a year-over-year basis. On average, analysts predict that Inogen will post $0.63 earnings per share for the current fiscal year.
In related news, EVP Matt Scribner sold 4,551 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $60.18, for a total transaction of $273,879.18. Following the completion of the transaction, the executive vice president now directly owns 6,884 shares in the company, valued at approximately $414,279.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Raymond Huggenberger sold 20,747 shares of the company’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $50.41, for a total value of $1,045,856.27. Following the transaction, the chief executive officer now owns 27,555 shares of the company’s stock, valued at $1,389,047.55. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of INGN. Eqis Capital Management Inc. acquired a new position in Inogen during the third quarter valued at about $349,000. Macquarie Group Ltd. acquired a new position in Inogen during the second quarter valued at about $1,856,000. Mason Street Advisors LLC acquired a new position in Inogen during the second quarter valued at about $142,000. Royal Bank of Canada boosted its position in Inogen by 946.1% in the second quarter. Royal Bank of Canada now owns 257,941 shares of the medical technology company’s stock valued at $12,926,000 after buying an additional 233,283 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in Inogen by 0.3% in the second quarter. IFP Advisors Inc now owns 2,086 shares of the medical technology company’s stock valued at $105,000 after buying an additional 6 shares during the last quarter.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device weighing approximately 4.8 or seven pounds.
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