Canaccord Genuity Group Reiterates Hold Rating for Inari Medical (NASDAQ:NARI)

Inari Medical (NASDAQ:NARI)‘s stock had its “hold” rating restated by equities researchers at Canaccord Genuity Group in a research note issued on Tuesday, MarketBeat.com reports. They currently have a $80.00 price target on the stock, up from their prior price target of $74.00. Canaccord Genuity Group’s price objective would suggest a potential upside of 0.88% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Piper Sandler boosted their target price on shares of Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Stifel Nicolaus began coverage on shares of Inari Medical in a research note on Tuesday, September 17th. They issued a “hold” rating and a $50.00 target price for the company. Robert W. Baird boosted their price target on Inari Medical from $66.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Oppenheimer initiated coverage on Inari Medical in a report on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 price target for the company. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $68.00.

Inari Medical Stock Down 0.2 %

NARI opened at $79.30 on Tuesday. The stock’s 50 day moving average price is $52.85 and its two-hundred day moving average price is $48.92. The firm has a market capitalization of $4.64 billion, a P/E ratio of -58.74 and a beta of 0.97. Inari Medical has a 12-month low of $36.73 and a 12-month high of $79.69.

Insider Buying and Selling at Inari Medical

In related news, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now directly owns 445,310 shares in the company, valued at $22,265,500. This represents a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $50.05, for a total transaction of $2,002,000.00. Following the transaction, the director now owns 561,233 shares in the company, valued at approximately $28,089,711.65. This trade represents a 6.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 406,000 shares of company stock valued at $22,621,870. 10.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Jennison Associates LLC lifted its holdings in Inari Medical by 63.2% in the third quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock valued at $65,021,000 after buying an additional 610,468 shares during the period. Vestal Point Capital LP raised its position in shares of Inari Medical by 342.9% during the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after acquiring an additional 1,200,000 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Inari Medical by 113.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock valued at $71,324,000 after purchasing an additional 786,691 shares during the period. Armistice Capital LLC boosted its position in shares of Inari Medical by 353.1% in the 2nd quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock worth $48,595,000 after purchasing an additional 786,501 shares during the last quarter. Finally, Bamco Inc. NY grew its stake in shares of Inari Medical by 29.5% during the third quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock worth $41,493,000 after purchasing an additional 228,977 shares during the period. 90.98% of the stock is currently owned by institutional investors and hedge funds.

About Inari Medical

Inari Medical, Inc builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories for the specific disease states in the United States. The company provides ClotTriever system, which is designed to core, capture, and remove large clots from large vessels for treatment of deep vein thrombosis and peripheral thrombus; FlowTriever system, a large bore catheter-based aspiration and mechanical thrombectomy system to remove large clots from large vessels in the peripheral vasculature for treating pulmonary embolism and other complex venous thromboembolism cases; InThrill system to treat small vessel thrombosis; and LimFlow system for patients who have chronic limb-threatening ischemia with no suitable endovascular or surgical revascularization options and risk of major amputation.