Canaccord Genuity Group Lowers Pulmonx (NASDAQ:LUNG) Price Target to $15.00

Pulmonx (NASDAQ:LUNG) had its target price trimmed by Canaccord Genuity Group from $16.00 to $15.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on LUNG. Wells Fargo & Company restated an equal weight rating and set a $14.00 target price (down from $16.00) on shares of Pulmonx in a report on Friday, February 23rd. Citigroup raised their price objective on Pulmonx from $16.00 to $17.00 and gave the company a buy rating in a research report on Friday, February 23rd. Piper Sandler restated an overweight rating and issued a $17.00 price target on shares of Pulmonx in a research note on Wednesday, April 3rd. Finally, Stifel Nicolaus raised their price target on Pulmonx from $15.00 to $17.00 and gave the stock a buy rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $16.33.

Pulmonx Stock Performance

Shares of NASDAQ LUNG traded down $0.54 during trading on Thursday, reaching $9.28. 348,126 shares of the stock traded hands, compared to its average volume of 521,662. Pulmonx has a 52-week low of $7.11 and a 52-week high of $14.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 6.50 and a quick ratio of 5.77. The company has a 50-day moving average of $8.58 and a 200-day moving average of $10.73. The stock has a market capitalization of $357.65 million, a P/E ratio of -6.05 and a beta of 0.66.

Pulmonx (NASDAQ:LUNG) last announced its earnings results on Wednesday, May 1st. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. The business had revenue of $18.85 million for the quarter, compared to analyst estimates of $17.54 million. Pulmonx had a negative return on equity of 46.61% and a negative net margin of 80.46%. During the same period in the prior year, the company earned ($0.42) EPS. Analysts forecast that Pulmonx will post -1.63 EPS for the current fiscal year.

Insider Activity at Pulmonx

In other news, CEO Glendon E. French III sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.60, for a total value of $292,000.00. Following the transaction, the chief executive officer now directly owns 1,121,344 shares in the company, valued at $16,371,622.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Glendon E. French III sold 6,954 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $9.06, for a total value of $63,003.24. Following the completion of the sale, the chief executive officer now directly owns 1,116,758 shares of the company’s stock, valued at approximately $10,117,827.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Glendon E. French III sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.60, for a total value of $292,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,121,344 shares of the company’s stock, valued at $16,371,622.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,032 shares of company stock worth $469,012. Corporate insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Pulmonx by 609.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,516 shares of the company’s stock valued at $79,000 after acquiring an additional 7,316 shares during the period. Rhenman & Partners Asset Management AB acquired a new position in shares of Pulmonx in the 4th quarter valued at about $319,000. Campbell & CO Investment Adviser LLC increased its stake in shares of Pulmonx by 88.8% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 85,672 shares of the company’s stock valued at $1,092,000 after purchasing an additional 40,292 shares in the last quarter. Olympiad Research LP purchased a new position in shares of Pulmonx in the 4th quarter valued at about $153,000. Finally, Primecap Management Co. CA increased its stake in Pulmonx by 2.2% during the 4th quarter. Primecap Management Co. CA now owns 5,646,451 shares of the company’s stock worth $71,992,000 after buying an additional 124,050 shares in the last quarter. 91.04% of the stock is currently owned by hedge funds and other institutional investors.

Pulmonx Company Profile

Pulmonx Corporation, a commercial-stage medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. The company offers Zephyr Endobronchial Valve, a solution for the treatment of patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation.