JPMorgan Chase & Co. Lowers Treace Medical Concepts (NASDAQ:TMCI) to Neutral

JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from an overweight rating to a neutral rating in a research note released on Wednesday, MarketBeat.com reports. JPMorgan Chase & Co. currently has $8.00 price target on the stock, down from their prior price target of $15.00.

Separately, BTIG Research lowered Treace Medical Concepts from a buy rating to a neutral rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Treace Medical Concepts presently has a consensus rating of Hold and an average price target of $13.57.

Treace Medical Concepts Price Performance

Shares of TMCI opened at $4.17 on Wednesday. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $27.70. The firm’s 50-day simple moving average is $11.82 and its two-hundred day simple moving average is $11.67. The stock has a market cap of $257.54 million, a PE ratio of -5.15 and a beta of 0.37. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting analysts’ consensus estimates of ($0.30). Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The firm had revenue of $51.11 million for the quarter, compared to analysts’ expectations of $49.07 million. During the same period in the previous year, the firm posted ($0.23) EPS. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. Analysts anticipate that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp raised its stake in Treace Medical Concepts by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after buying an additional 1,340 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Treace Medical Concepts by 20.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after acquiring an additional 1,376 shares during the last quarter. Arizona State Retirement System lifted its holdings in Treace Medical Concepts by 17.1% in the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock valued at $172,000 after acquiring an additional 1,910 shares during the period. Gabelli Funds LLC boosted its position in Treace Medical Concepts by 1.5% in the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after purchasing an additional 2,107 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Treace Medical Concepts by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock valued at $2,181,000 after purchasing an additional 3,051 shares during the period. 84.08% of the stock is owned by hedge funds and other institutional investors.

About Treace Medical Concepts

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.