Madryn Asset Management LP Invests $24.10 Million in Neuronetics, Inc. $STIM

Madryn Asset Management LP acquired a new position in Neuronetics, Inc. (NASDAQ:STIM) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 18,540,488 shares of the company’s stock, valued at approximately $24,102,634. Neuronetics accounts for 0.1% of Madryn Asset Management LP’s investment portfolio, making the stock its biggest holding. Madryn Asset Management LP owned 0.24% of Neuronetics at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Neuronetics by 2,993.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock worth $2,320,000 after purchasing an additional 610,014 shares in the last quarter. Geode Capital Management LLC lifted its position in Neuronetics by 172.3% during the second quarter. Geode Capital Management LLC now owns 879,045 shares of the company’s stock valued at $3,068,000 after buying an additional 556,268 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Neuronetics by 195,023.5% during the second quarter. JPMorgan Chase & Co. now owns 66,342 shares of the company’s stock valued at $232,000 after buying an additional 66,308 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in Neuronetics during the second quarter worth approximately $103,000. Finally, Invesco Ltd. purchased a new stake in Neuronetics during the second quarter worth approximately $100,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

Insider Transactions at Neuronetics

In other Neuronetics news, major shareholder Jorey Chernett acquired 14,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $3.16 per share, for a total transaction of $44,240.00. Following the acquisition, the insider directly owned 10,602,988 shares of the company’s stock, valued at $33,505,442.08. This trade represents a 0.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.40% of the stock is owned by corporate insiders.

Neuronetics Stock Down 0.7%

Shares of Neuronetics stock opened at $2.94 on Friday. Neuronetics, Inc. has a 1-year low of $0.80 and a 1-year high of $3.71. The company has a market capitalization of $224.03 million, a PE ratio of -6.68 and a beta of 1.03. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.88 and a quick ratio of 1.69. The business has a 50-day moving average of $2.11 and a 200-day moving average of $1.66.

Neuronetics (NASDAQ:STIM) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.07. The business had revenue of $41.57 million for the quarter, compared to analysts’ expectations of $40.17 million. Neuronetics had a negative return on equity of 125.11% and a negative net margin of 19.62%.

Wall Street Analyst Weigh In

STIM has been the topic of a number of research reports. BTIG Research raised their target price on shares of Neuronetics from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, June 18th. Finally, Citigroup reissued a “market outperform” rating on shares of Neuronetics in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Neuronetics presently has an average rating of “Moderate Buy” and an average price target of $4.50.

About Neuronetics

Neuronetics, Inc is a commercial?stage medical technology company that develops and markets non-invasive neuromodulation therapies for psychiatric and neurological disorders. The company’s flagship product, the NeuroStar Advanced Therapy System, uses repetitive transcranial magnetic stimulation (rTMS) to deliver targeted magnetic pulses to areas of the brain implicated in major depressive disorder (MDD). NeuroStar Advanced Therapy has received U.S. Food and Drug Administration clearance for the treatment of adults with treatment-resistant depression and is supported by a growing body of clinical evidence demonstrating its safety and efficacy.

Founded in 2003 and headquartered in Malvern, Pennsylvania, Neuronetics focuses on advancing clinical care through innovation in neurostimulation.