Cantor Fitzgerald Downgrades RA Medical Systems (NYSE:RMED) to Neutral

Cantor Fitzgerald downgraded shares of RA Medical Systems (NYSE:RMED) from an overweight rating to a neutral rating in a research note published on Tuesday morning, The Fly reports. The firm currently has $2.00 price target on the stock, down from their previous price target of $10.00.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of RA Medical Systems from a sell rating to a hold rating in a research note on Wednesday, July 17th. Piper Jaffray Companies cut shares of RA Medical Systems from an overweight rating to a neutral rating and dropped their price objective for the company from $9.00 to $1.50 in a research note on Tuesday. Finally, Maxim Group dropped their price objective on shares of RA Medical Systems to $12.00 and set a buy rating for the company in a research note on Wednesday, May 15th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $6.38.

Shares of RMED stock opened at $1.80 on Tuesday. RA Medical Systems has a 52-week low of $1.09 and a 52-week high of $22.00. The stock has a market cap of $15.64 million and a price-to-earnings ratio of -0.54. The company has a debt-to-equity ratio of 0.06, a quick ratio of 11.45 and a current ratio of 11.89. The firm has a fifty day moving average of $2.93 and a 200-day moving average of $4.31.

In other news, insider Dean Irwin sold 11,800 shares of the stock in a transaction on Friday, July 12th. The shares were sold at an average price of $3.27, for a total value of $38,586.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey J. Kraws sold 18,021 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $3.08, for a total transaction of $55,504.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,841 shares of company stock valued at $176,959. Corporate insiders own 25.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of RA Medical Systems by 411.9% during the 4th quarter. Millennium Management LLC now owns 503,875 shares of the company’s stock worth $4,006,000 after purchasing an additional 405,443 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of RA Medical Systems by 30.4% during the 4th quarter. Principal Financial Group Inc. now owns 305,392 shares of the company’s stock worth $2,428,000 after purchasing an additional 71,237 shares in the last quarter. Wasatch Advisors Inc. increased its position in shares of RA Medical Systems by 16.6% during the 1st quarter. Wasatch Advisors Inc. now owns 239,944 shares of the company’s stock worth $816,000 after purchasing an additional 34,124 shares in the last quarter. Alethea Capital Management LLC increased its position in shares of RA Medical Systems by 134.0% during the 1st quarter. Alethea Capital Management LLC now owns 206,980 shares of the company’s stock worth $704,000 after purchasing an additional 118,523 shares in the last quarter. Finally, Meitav Dash Investments Ltd. increased its position in shares of RA Medical Systems by 18.8% during the 1st quarter. Meitav Dash Investments Ltd. now owns 118,260 shares of the company’s stock worth $415,000 after purchasing an additional 18,741 shares in the last quarter. Institutional investors and hedge funds own 20.13% of the company’s stock.

RA Medical Systems Company Profile

Ra Medical Systems, Inc, a commercial-stage medical device company, develops, manufactures, and markets excimer lasers for use in the treatment of vascular and dermatological diseases. The company offers DABRA (destruction of arteriosclerotic blockages by laser radiation ablation), a minimally-invasive excimer laser and disposable catheter system that is used by physicians in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease.

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