ClearPoint Neuro (NASDAQ:CLPT) Shares Gap Up – Here’s What Happened

Shares of ClearPoint Neuro, Inc. (NASDAQ:CLPT) gapped up before the market opened on Wednesday . The stock had previously closed at $13.34, but opened at $18.15. ClearPoint Neuro shares last traded at $17.8280, with a volume of 3,675,063 shares trading hands.

Analysts Set New Price Targets

CLPT has been the topic of a number of research analyst reports. B. Riley Financial lifted their target price on ClearPoint Neuro from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Weiss Ratings restated a “sell (d-)” rating on shares of ClearPoint Neuro in a research report on Monday, April 20th. Finally, Stifel Nicolaus set a $16.00 price objective on shares of ClearPoint Neuro in a research note on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.00.

ClearPoint Neuro Stock Performance

The firm has a market capitalization of $534.57 million, a PE ratio of -17.71 and a beta of 1.31. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.79 and a quick ratio of 4.88. The firm has a fifty day moving average price of $11.66 and a 200 day moving average price of $12.44.

ClearPoint Neuro (NASDAQ:CLPT) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The company had revenue of $12.13 million during the quarter, compared to analyst estimates of $11.97 million. ClearPoint Neuro had a negative net margin of 71.57% and a negative return on equity of 140.96%. Research analysts anticipate that ClearPoint Neuro, Inc. will post -1.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lynnette C. Fallon sold 5,091 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $11.14, for a total value of $56,713.74. Following the completion of the sale, the director owned 48,227 shares in the company, valued at approximately $537,248.78. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew B. Klein sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $11.59, for a total transaction of $185,440.00. Following the completion of the sale, the director owned 46,935 shares of the company’s stock, valued at approximately $543,976.65. This trade represents a 25.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 26,506 shares of company stock worth $308,054 over the last ninety days. 6.94% of the stock is currently owned by company insiders.

Institutional Trading of ClearPoint Neuro

Several large investors have recently added to or reduced their stakes in CLPT. Millennium Management LLC raised its position in ClearPoint Neuro by 156.3% during the first quarter. Millennium Management LLC now owns 741,193 shares of the company’s stock valued at $8,813,000 after buying an additional 452,043 shares during the period. SG Americas Securities LLC acquired a new stake in ClearPoint Neuro during the 1st quarter worth about $3,388,000. FirstWave Capital Management LLC acquired a new stake in ClearPoint Neuro during the 4th quarter worth about $4,971,000. Two Sigma Investments LP grew its stake in ClearPoint Neuro by 1,316.1% during the 3rd quarter. Two Sigma Investments LP now owns 310,526 shares of the company’s stock valued at $6,766,000 after acquiring an additional 288,598 shares in the last quarter. Finally, Boone Capital Management LLC acquired a new position in shares of ClearPoint Neuro in the 3rd quarter valued at about $6,186,000. 30.08% of the stock is owned by institutional investors and hedge funds.

ClearPoint Neuro Company Profile

ClearPoint Neuro, Inc is a medical technology company specializing in the development and commercialization of an MRI-guided therapy platform for minimally invasive neurosurgical procedures. Headquartered in Cambridge, Massachusetts, the company’s flagship ClearPoint® SmartFrame™ system enables surgeons to perform accurate and efficient intracranial interventions by providing real-time magnetic resonance imaging feedback. This technology is designed to improve patient safety and outcomes in treatments ranging from deep brain stimulation electrode placement to laser ablation of epileptic foci and brain tumors.

The ClearPoint System integrates hardware, software and imaging capabilities to guide instruments through the brain with submillimeter precision.