Inogen Inc. (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Inogen's unique direct-to-customer business model, innovative product line and growing patient base are the key catalysts in our view. New products like the Inogen One G4 and the upgraded Inogen One G3 are expected to drive growth further. Moreover, the growing adoption of portable oxygen containers (POCs) among traditional home medical equipment (HME) providers will significantly boost unit sales volume going ahead. However total revenue for full year 2016 is expected to be hurt by competitive bidding rate reductions. Additionally, rental revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions.”
Other research analysts have also recently issued research reports about the company. Needham & Company LLC reissued a “strong-buy” rating and issued a $64.00 price objective (up previously from $58.00) on shares of Inogen in a research report on Sunday, August 7th. JPMorgan Chase & Co. boosted their price objective on Inogen from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 5th. Stifel Nicolaus cut Inogen from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. They noted that the move was a valuation call. Finally, Leerink Swann reissued an “outperform” rating and issued a $60.00 price objective on shares of Inogen in a research report on Wednesday, June 8th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Inogen currently has a consensus rating of “Buy” and a consensus price target of $58.50.
Shares of Inogen (NASDAQ:INGN) opened at 61.03 on Wednesday. The stock’s 50 day moving average price is $58.87 and its 200 day moving average price is $51.38. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 89.75 and a beta of 0.88. Inogen has a 12-month low of $28.81 and a 12-month high of $61.87.
Inogen (NASDAQ:INGN) last posted its quarterly earnings data on Thursday, August 4th. The medical technology company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Inogen had a return on equity of 9.50% and a net margin of 7.86%. The business had revenue of $54.57 million for the quarter, compared to analysts’ expectations of $52.44 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s revenue was up 23.9% on a year-over-year basis. Equities research analysts expect that Inogen will post $0.63 earnings per share for the current year.
In related news, CEO Raymond Huggenberger sold 20,747 shares of the business’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $50.41, for a total transaction of $1,045,856.27. Following the sale, the chief executive officer now directly owns 27,555 shares in the company, valued at approximately $1,389,047.55. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Byron Myers sold 13,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $55.00, for a total value of $715,000.00. Following the sale, the vice president now owns 35,185 shares in the company, valued at $1,935,175. The disclosure for this sale can be found here. 5.18% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC raised its stake in Inogen by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 100,661 shares of the medical technology company’s stock worth $4,528,000 after buying an additional 940 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Inogen by 66.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 6,000 shares of the medical technology company’s stock worth $301,000 after buying an additional 2,400 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Inogen during the first quarter worth about $238,000. Bogle Investment Management L P DE bought a new stake in Inogen during the first quarter worth about $861,000. Finally, Nationwide Fund Advisors raised its stake in Inogen by 62.3% in the second quarter. Nationwide Fund Advisors now owns 77,139 shares of the medical technology company’s stock worth $3,865,000 after buying an additional 29,597 shares during the last quarter.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device weighing approximately 4.8 or seven pounds.