Wells Fargo & Company Cuts Pulmonx (NASDAQ:LUNG) Price Target to $8.00

Pulmonx (NASDAQ:LUNG) had its target price trimmed by Wells Fargo & Company from $10.00 to $8.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Citigroup restated a “neutral” rating and issued a $7.50 price objective (down previously from $17.00) on shares of Pulmonx in a research report on Wednesday. Stifel Nicolaus lowered their price target on shares of Pulmonx from $17.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.75.

Pulmonx Stock Performance

NASDAQ:LUNG opened at $6.10 on Wednesday. The stock has a market capitalization of $240.88 million, a P/E ratio of -4.15 and a beta of 0.69. Pulmonx has a 1 year low of $5.46 and a 1 year high of $14.84. The firm has a 50 day moving average of $6.56 and a 200-day moving average of $6.89. The company has a current ratio of 7.70, a quick ratio of 6.77 and a debt-to-equity ratio of 0.40.

Pulmonx (NASDAQ:LUNG) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. Pulmonx had a negative return on equity of 53.88% and a negative net margin of 72.01%. The company had revenue of $20.39 million for the quarter, compared to analyst estimates of $20.39 million. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. As a group, sell-side analysts anticipate that Pulmonx will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling at Pulmonx

In related news, General Counsel David Aaron Lehman sold 5,497 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.19, for a total value of $34,026.43. Following the completion of the sale, the general counsel now owns 197,851 shares in the company, valued at approximately $1,224,697.69. This represents a 2.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Glendon E. French III sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.63, for a total value of $132,600.00. Following the transaction, the director now owns 1,071,974 shares in the company, valued at approximately $7,107,187.62. This trade represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,873 shares of company stock worth $324,070. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Pulmonx

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in Pulmonx by 4.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,720 shares of the company’s stock valued at $332,000 after purchasing an additional 1,633 shares during the period. Bank of New York Mellon Corp raised its holdings in Pulmonx by 12.7% in the second quarter. Bank of New York Mellon Corp now owns 157,902 shares of the company’s stock worth $1,001,000 after purchasing an additional 17,740 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Pulmonx by 7.0% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,059,018 shares of the company’s stock worth $6,714,000 after purchasing an additional 69,595 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Pulmonx by 1.0% in the 2nd quarter. Victory Capital Management Inc. now owns 834,301 shares of the company’s stock valued at $5,289,000 after buying an additional 8,004 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Pulmonx by 13.1% in the 2nd quarter. Renaissance Technologies LLC now owns 301,410 shares of the company’s stock valued at $1,911,000 after buying an additional 34,800 shares in the last quarter. 91.04% of the stock is currently owned by institutional investors and hedge funds.

About Pulmonx

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.