Ra Medical Systems (NYSE:RMED) Upgraded by Zacks Investment Research to Hold

Ra Medical Systems (NYSE:RMED – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Ra Medical Systems, Inc. is a commercial-stage medical device company. It develops, manufactures, and markets excimer lasers for use in the treatment of vascular and dermatological diseases. The company’s product pipeline consists of DABRA which is a minimally-invasive excimer laser and disposable catheter system used by physicians as a tool in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease, a form of peripheral artery disease, or above- and below-the-knee. Pharos Excimer Laser is a powerful 308 nm ultraviolet-B excimer laser used by physicians as a tool to treat chronic skin diseases, including psoriasis, vitiligo, atopic dermatitis and leukoderma. Ra Medical Systems, Inc. is based in Carlsbad, California. “

Separately, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of Ra Medical Systems in a research report on Friday, February 18th.

Shares of RMED stock opened at $0.29 on Thursday. The firm has a market capitalization of $9.27 million, a price-to-earnings ratio of -0.08 and a beta of 1.57. The business has a fifty day moving average of $0.36 and a 200 day moving average of $1.00. Ra Medical Systems has a 1 year low of $0.26 and a 1 year high of $9.82.

Ra Medical Systems (NYSE:RMED – Get Rating) last issued its earnings results on Wednesday, March 23rd. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.59). The firm had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.70 million. Ra Medical Systems had a negative return on equity of 152.46% and a negative net margin of 2,278.22%. Equities analysts predict that Ra Medical Systems will post -1.7 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in RMED. Virtu Financial LLC increased its stake in shares of Ra Medical Systems by 632.2% in the 1st quarter. Virtu Financial LLC now owns 193,677 shares of the company’s stock valued at $77,000 after purchasing an additional 167,227 shares in the last quarter. UBS Group AG purchased a new position in shares of Ra Medical Systems in the 1st quarter valued at about $27,000. Vanguard Group Inc. increased its stake in shares of Ra Medical Systems by 125.8% in the 1st quarter. Vanguard Group Inc. now owns 338,495 shares of the company’s stock valued at $136,000 after purchasing an additional 188,608 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Ra Medical Systems in the 4th quarter valued at about $229,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Ra Medical Systems in the 3rd quarter valued at about $84,000. 2.82% of the stock is currently owned by institutional investors.

About Ra Medical Systems (Get Rating)

Ra Medical Systems, Inc, a medical device company, develops, manufactures, and markets excimer lasers for use in the treatment of vascular immune-mediated inflammatory diseases. It offers destruction of arteriosclerotic blockages by laser radiation ablation, a minimally invasive excimer laser and single-use catheter system that is used by physicians in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease.

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