Boston, MA 06/10/2014 (wallstreetpr) – Shares of medical device maker Boston Scientific Corporation (NYSE:BSX) tanked on Monday with volume doubling from the preceding week triggering speculation whether it is heading for a further fall. Interestingly, a director of the company sold part of his holding in the open market on June 2.
Insider Trading
The company’s director Ernest Mario has divested 10K shares in the open market on June 2 at a price of $12.88 fetching the amount of $128.8K, according to the company’s filing with Securities Exchange Commission. As a result, the director’s holding reduced to a little over 307K shares, which is worth about $3.96 million.
Boston Scientific Corporation (NYSE:BSX) shares have hit a high of $14.08 and a low of $8.95 in the last one year period. The 50-day and 200-day moving averages of the stock were $12.99 and $12.83 respectively, which means that the stock closed Monday’s trading lower than both the technical indicators. This is not a good sign for investors looking for gains, especially when there is no unfavorable news to impact or hurt sentiments.
Rating
There does not seem to be any changes in rating in the last one month after the company reported its March quarter financial results on April 29. However, most of the brokerages appear to have reiterated their rating despite Boston Scientific Corporation (NYSE:BSX)’s earnings missing analysts’ expectations.
For instance, Citigroup Inc. (NYSE:C) has reiterated its rating of Hold on the company’s stock on April 30 with a price target of $13.80. Most recently, Zacks also reaffirmed its Neutral rating with a price tag of $14.00. However, the consensus rating among analysts is buying. While twelve analysts favored a Buy rating, seven brokerages have struck a rating of Hold.
Initiates Respond
Separately, Boston Scientific Corporation (NYSE:BSX) indicated that it has initiated Respond registry to gather data on device performance as well as clinical outcomes in 1K patients, on its Lotus Valve System. There are 50 centers in the world and three patients have so far enrolled themselves in Respond Registry so far.
