Needham Downgrades Boston Scientific (BSX) to Hold

By Austin Angelo

In a report released today, Michael Matson from Needham downgraded Boston Scientific (BSXResearch Report) to Hold. The company’s shares closed last Tuesday at $43.03, close to its 52-week high of $44.63.

According to TipRanks.com, Matson is a 5-star analyst with an average return of 15.8% and a 67.7% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Zimmer Biomet Holdings, and Cardiovascular Systems.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Boston Scientific with a $49.50 average price target.

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Boston Scientific’s market cap is currently $61.14B and has a P/E ratio of 307.40. The company has a Price to Book ratio of -53.68.

Based on the recent corporate insider activity of 117 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BSX in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Boston Scientific Corporation engages in the manufacturing of medical devices and products that are used in various interventional medical specialties worldwide. The company provides implantable devices including heart monitors, technologies for treating coronary artery disease and other cardiovascular disorders, and devices for diagnosing and treating gastrointestinal and pulmonary problems.