Canaccord Genuity Thinks NuVasive’s Stock is Going to Recover

By Jason Carr

Canaccord Genuity analyst Jason Mills reiterated a Buy rating on NuVasive (NASDAQ: NUVA) on October 23 and set a price target of $75. The company’s shares closed yesterday at $54.59, close to its 52-week low of $49.25.

According to TipRanks.com, Mills is a top 100 analyst with an average return of 20.8% and a 69.9% success rate. Mills covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Trivascular Technologies, and Obalon Therapeutics Inc.

Currently, the analyst consensus on NuVasive is Strong Buy and the average price target is $75.09, representing a 37.6% upside.

In a report issued on October 9, RBC Capital also reiterated a Buy rating on the stock with a $75 price target.

Based on NuVasive’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $247 million and quarterly net profit of $33.62 million. In comparison, last year the company earned revenue of $240 million and had a net profit of $3.93 million.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NUVA in relation to earlier this year.

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NuVasive, Inc. is medical device company, which engages in the development of minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. It offers cervical and spine fusion surgery, cervical plating, and posterior fixation products. The company was founded by Alexis V.