Sofinnova Investments Inc. Purchases 145,622 Shares of Inari Medical, Inc. (NASDAQ:NARI)

Sofinnova Investments Inc. boosted its position in shares of Inari Medical, Inc. (NASDAQ:NARI) by 1,425.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 155,838 shares of the company’s stock after purchasing an additional 145,622 shares during the quarter. Sofinnova Investments Inc.’s holdings in Inari Medical were worth $7,504,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Inari Medical by 11.1% during the first quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock valued at $268,681,000 after buying an additional 561,562 shares during the period. Norges Bank bought a new stake in shares of Inari Medical in the 4th quarter valued at about $29,491,000. First Light Asset Management LLC bought a new position in Inari Medical in the first quarter worth approximately $10,265,000. American Century Companies Inc. raised its position in shares of Inari Medical by 26.8% in the 2nd quarter. American Century Companies Inc. now owns 980,917 shares of the company’s stock worth $47,231,000 after acquiring an additional 207,485 shares in the last quarter. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Inari Medical during the second quarter valued at about $8,664,000. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NARI. Leerink Partnrs raised Inari Medical to a “hold” rating in a report on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Inari Medical in a research report on Friday, August 9th. They set a “buy” rating and a $68.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Inari Medical in a research report on Wednesday, July 31st. Wells Fargo & Company decreased their price objective on Inari Medical from $84.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Leerink Partners started coverage on Inari Medical in a report on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.50.

Insider Buying and Selling at Inari Medical

In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $50.08, for a total value of $150,240.00. Following the completion of the sale, the chief executive officer now owns 462,474 shares in the company, valued at approximately $23,160,697.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Inari Medical news, insider Thomas Tu sold 16,520 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $55.09, for a total transaction of $910,086.80. Following the completion of the transaction, the insider now owns 313,257 shares of the company’s stock, valued at $17,257,328.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $50.08, for a total value of $150,240.00. Following the transaction, the chief executive officer now owns 462,474 shares of the company’s stock, valued at $23,160,697.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,780 shares of company stock worth $6,290,464. Corporate insiders own 10.60% of the company’s stock.

Inari Medical Trading Down 0.6 %

NASDAQ NARI opened at $46.25 on Tuesday. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -112.80 and a beta of 1.00. Inari Medical, Inc. has a twelve month low of $36.73 and a twelve month high of $69.40. The stock has a 50-day moving average of $48.73 and a 200 day moving average of $46.11.

Inari Medical (NASDAQ:NARI) last released its earnings results on Tuesday, July 30th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.25). Inari Medical had a negative return on equity of 7.51% and a negative net margin of 10.42%. The company had revenue of $145.82 million for the quarter, compared to analysts’ expectations of $143.96 million. Equities analysts predict that Inari Medical, Inc. will post -0.7 EPS for the current fiscal year.

Inari Medical Profile

Inari Medical, Inc builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories for the specific disease states in the United States. The company provides ClotTriever system, which is designed to core, capture, and remove large clots from large vessels for treatment of deep vein thrombosis and peripheral thrombus; FlowTriever system, a large bore catheter-based aspiration and mechanical thrombectomy system to remove large clots from large vessels in the peripheral vasculature for treating pulmonary embolism and other complex venous thromboembolism cases; InThrill system to treat small vessel thrombosis; and LimFlow system for patients who have chronic limb-threatening ischemia with no suitable endovascular or surgical revascularization options and risk of major amputation.