Globus Medical Receives a Hold from Leerink Swann

By Jason Carr

Leerink Swann analyst Richard Newitter reiterated a Hold rating on Globus Medical (NYSE: GMED) yesterday and set a price target of $23. The company’s shares opened today at $19.40, close to its 52-week low of $19.25.

According to TipRanks.com, Newitter is a 4-star analyst with an average return of 4.1% and a 56.6% success rate. Newitter covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp., Cardiovascular Systems, and Zimmer Biomet Holdings.

Currently, the analyst consensus on Globus Medical is Hold and the average price target is $23, representing a 18.6% upside.

In a report released today, JMP Securities also downgraded the stock to Hold.

The company has a one year high of $28.60 and a one year low of $19.25. Currently, Globus Medical has an average volume of 632K.

Globus Medical, Inc. is a medical device company, which focuses on developing products that promote healing in patients with musculoskeletal disorders. The company also focuses on products to treat patients with spine disorders. Its products fall into two categories: Innovative Fusion and Disruptive Technologies. The Innovative Fusion products comprise fusion products to treat a wide variety of spinal disorders for the entire spine and can be used in a variety of surgical approaches. The Disruptive Technologies as those that represent a significant shift in the treatment of spinal disorders by allowing for novel surgical procedures, improvements to existing surgical procedures and the treatment of spinal disorders earlier in the continuum of care. Globus Medical was founded by David Paul, David M. Demski and David D. Davidar in March 2003 and is headquartered in Audubon, PA.