Royal Bank of Canada Forecasts Strong Price Appreciation for Outset Medical (NASDAQ:OM) Stock

Outset Medical (NASDAQ:OM) had its target price lifted by investment analysts at Royal Bank of Canada from $12.00 to $14.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential downside of 8.50% from the company’s previous close.

Separately, Stifel Nicolaus set a $15.00 target price on Outset Medical in a report on Friday, March 21st.

Outset Medical Stock Performance

NASDAQ:OM opened at $15.30 on Thursday. The stock’s 50-day moving average is $10.67 and its 200-day moving average is $12.43. Outset Medical has a 1-year low of $5.85 and a 1-year high of $72.60. The company has a current ratio of 6.49, a quick ratio of 5.04 and a debt-to-equity ratio of 4.12. The stock has a market cap of $55.00 million, a P/E ratio of -6.17 and a beta of 1.90.

Outset Medical (NASDAQ:OM) last posted its earnings results on Wednesday, May 7th. The company reported ($3.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.97) by ($2.69). The business had revenue of $29.75 million for the quarter, compared to the consensus estimate of $27.81 million. Outset Medical had a negative return on equity of 175.64% and a negative net margin of 112.57%. Equities research analysts anticipate that Outset Medical will post -1.99 earnings per share for the current year.

Institutional Investors Weigh In On Outset Medical

A number of institutional investors have recently modified their holdings of the company. Two Sigma Securities LLC boosted its position in Outset Medical by 190.0% during the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock valued at $47,000 after acquiring an additional 27,830 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Outset Medical in the 4th quarter valued at about $50,000. Squarepoint Ops LLC bought a new stake in shares of Outset Medical during the 4th quarter valued at about $174,000. Birchview Capital LP grew its stake in Outset Medical by 3,587.7% during the fourth quarter. Birchview Capital LP now owns 368,766 shares of the company’s stock worth $409,000 after purchasing an additional 358,766 shares during the period. Finally, Two Sigma Investments LP increased its holdings in Outset Medical by 36.0% in the fourth quarter. Two Sigma Investments LP now owns 488,602 shares of the company’s stock worth $542,000 after purchasing an additional 129,334 shares in the last quarter.

About Outset Medical

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.