Cantor Fitzgerald Sticks to Their Buy Rating for SeaSpine Holdings (SPNE)

By Carrie Williams

In a report released yesterday, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on SeaSpine Holdings (SPNEResearch Report), with a price target of $22. The company’s shares closed yesterday at $14.38.

Bijou noted:

“: We reiterate our Overweight rating and $22 PT on SPNE. The strong execution that drove double-digit growth in 2H18 carried over into 2019 as SPNE posted 1Q revenue of $36MM (+9%), beating FactSet consensus by ~ $1MM, despite one less selling day, which we estimate likely created a 150bp headwind. SPNE is executing on its plan to add more exclusive distributors, increase proportion of revenue from recently launched products and progress against plan for staged launch of new products. SPNE raised the lower end of its 2019 sales guidance to $154-156MM (+7.5-9%), but we still consider guidance conservative and would not be surprised to see more beat and raises.”

According to TipRanks.com, Bijou is a 3-star analyst with an average return of 2.3% and a 48.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SeaSpine Holdings with a $21 average price target.

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Based on SeaSpine Holdings’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $9.53 million. In comparison, last year the company had a GAAP net loss of $7.11 million.

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SeaSpine Holdings Corp. is a medical technology company, which focuses on design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. It has a comprehensive portfolio of orthobiologics and spinal fusion hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. The company was founded on February 12, 2015 and is headquartered in Carlsbad, CA.