Pulmonx (NASDAQ:LUNG) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Pulmonx (NASDAQ:LUNG) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other research firms have also issued reports on LUNG. Piper Sandler lowered shares of Pulmonx from an “overweight” rating to a “neutral” rating and cut their price target for the company from $9.00 to $2.50 in a report on Thursday, July 31st. Citigroup cut their price target on shares of Pulmonx from $6.50 to $4.15 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Stifel Nicolaus cut their price target on shares of Pulmonx from $16.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company cut their price target on shares of Pulmonx from $6.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Canaccord Genuity Group cut their price target on shares of Pulmonx from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.66.

Pulmonx Stock Up 2.5%

LUNG stock opened at $1.65 on Friday. Pulmonx has a 12 month low of $1.59 and a 12 month high of $9.37. The firm has a market cap of $66.43 million, a PE ratio of -1.15 and a beta of 0.43. The firm has a 50 day simple moving average of $2.89 and a 200 day simple moving average of $4.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.97 and a quick ratio of 4.29.

Pulmonx (NASDAQ:LUNG) last released its earnings results on Wednesday, July 30th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.02. Pulmonx had a negative net margin of 62.88% and a negative return on equity of 66.36%. The business had revenue of $23.86 million during the quarter, compared to analyst estimates of $23.46 million. Equities research analysts forecast that Pulmonx will post -1.55 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Steven S. Williamson sold 9,923 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $3.13, for a total transaction of $31,058.99. Following the transaction, the chief executive officer directly owned 366,115 shares of the company’s stock, valued at approximately $1,145,939.95. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Daniel P. Florin acquired 23,321 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were bought at an average cost of $3.06 per share, for a total transaction of $71,362.26. Following the completion of the transaction, the director directly owned 117,231 shares of the company’s stock, valued at $358,726.86. This represents a 24.83% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 43,388 shares of company stock valued at $136,044 in the last three months. 6.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C acquired a new stake in Pulmonx in the fourth quarter valued at approximately $10,421,000. Parkman Healthcare Partners LLC lifted its stake in Pulmonx by 194.4% in the first quarter. Parkman Healthcare Partners LLC now owns 611,875 shares of the company’s stock valued at $4,118,000 after acquiring an additional 404,022 shares during the last quarter. Altium Capital Management LLC lifted its stake in Pulmonx by 63.0% in the fourth quarter. Altium Capital Management LLC now owns 815,000 shares of the company’s stock valued at $5,534,000 after acquiring an additional 315,000 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in Pulmonx in the first quarter valued at approximately $2,041,000. Finally, Nuveen LLC acquired a new stake in Pulmonx in the first quarter valued at approximately $1,336,000. 91.04% of the stock is owned by hedge funds and other institutional investors.

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.