Why Did Cantor Fitzgerald Downgrade CRH Medical Corporation’s Stock?

By Ryan Adsit

Cantor Fitzgerald analyst Joseph France downgraded CRH Medical Corporation (NYSEArca: CRHM) to Hold today and set a price target of $3. The company’s shares opened today at $2.45, close to its 52-week high of $9.25.

France commented:

“2Q17 numbers. Revenue was $22.1 million, below our $23.8 million estimate and the $24.4 million FactSet consensus. Adjusted EBITDA attributable to CRHM was $7.4 million, vs. our $8.2 million estimate and the $9.5 million FactSet consensus. We are lowering our revenue estimates to $93.8 million from $104.6 million for 2017, and to $94.6 million from $144.2 million for 2018.”

According to TipRanks.com, France is a 5-star analyst with an average return of 11.1% and a 53.0% success rate. France covers the Services sector, focusing on stocks such as Cross Country Healthcare, Five Star Quality Care, and WellCare Health Plans.

CRH Medical Corporation has an analyst consensus of Hold, with a price target consensus of $3.

The company has a one year high of $9.25 and a one year low of $2.15. Currently, CRH Medical Corporation has an average volume of 164.1K.

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CRH Medical Corp. provides physicians with innovative products for the treatment of gastrointestinal diseases. It focuses on physician education, patient outcomes and patient awareness. The company’s product, the CRH ORegan System, is a single use, disposable, hemorrhoid treatment.