SeaStar Medical (NASDAQ:ICU) Stock Price Down 2.7% – Here’s Why

SeaStar Medical Holding Corporation (NASDAQ:ICU) shares dropped 2.7% during mid-day trading on Wednesday . The company traded as low as $0.4220 and last traded at $0.5062. Approximately 1,293,417 shares traded hands during trading, an increase of 3% from the average daily volume of 1,252,954 shares. The stock had previously closed at $0.52.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SeaStar Medical in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

SeaStar Medical Stock Down 2.7%

The firm’s 50 day simple moving average is $0.72 and its two-hundred day simple moving average is $0.86. The stock has a market cap of $17.26 million, a P/E ratio of -0.19 and a beta of -1.06.

SeaStar Medical (NASDAQ:ICU) last posted its earnings results on Wednesday, August 13th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.25. The company had revenue of $0.34 million for the quarter, compared to the consensus estimate of $0.25 million.

Hedge Funds Weigh In On SeaStar Medical

Several institutional investors have recently modified their holdings of the company. Armistice Capital LLC bought a new position in shares of SeaStar Medical during the first quarter worth about $1,018,000. XTX Topco Ltd grew its position in SeaStar Medical by 395.4% in the 2nd quarter. XTX Topco Ltd now owns 60,983 shares of the company’s stock worth $26,000 after purchasing an additional 48,674 shares during the last quarter. Finally, Trinity Financial Advisors LLC grew its position in SeaStar Medical by 233.3% in the 3rd quarter. Trinity Financial Advisors LLC now owns 50,000 shares of the company’s stock worth $28,000 after purchasing an additional 35,000 shares during the last quarter. Institutional investors own 1.69% of the company’s stock.

About SeaStar Medical

SeaStar Medical Holding Corporation, a medical device company, develops a platform therapy to reduce the consequences of hyperinflammation on vital organs in the United States. The company offers inflammatory response to fend off infections and repair damaged tissue in the body. It is also developing products in various therapeutic areas, including pediatric and adult acute kidney injury on CRRT; cardiorenal syndrome in congestive heart failure; myocardial stunning in end stage renal disease; and hepatorenal syndrome.