Bioventus (NYSE:BVS) Shares Down 5.9% – Here’s What Happened

Shares of Bioventus Inc. (NYSE:BVS) fell 5.9% during trading on Monday . The company traded as low as $9.82 and last traded at $9.82. 110,239 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 174,325 shares. The stock had previously closed at $10.44.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BVS shares. JPMorgan Chase & Co. upgraded shares of Bioventus from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $12.00 to $13.00 in a research note on Tuesday, December 17th. Craig Hallum upped their price objective on Bioventus from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. Finally, Canaccord Genuity Group boosted their target price on Bioventus from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Bioventus Stock Performance

The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 1.85. The company has a 50-day moving average price of $11.41 and a two-hundred day moving average price of $10.06. The stock has a market capitalization of $777.46 million, a P/E ratio of -15.70 and a beta of 0.85.

Bioventus (NYSE:BVS) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. Bioventus had a negative net margin of 7.11% and a positive return on equity of 15.61%. The firm had revenue of $138.96 million for the quarter, compared to the consensus estimate of $132.57 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. On average, equities analysts forecast that Bioventus Inc. will post 0.41 earnings per share for the current year.

Insider Transactions at Bioventus

In other news, CFO Mark Leonard Singleton sold 10,733 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $10.53, for a total value of $113,018.49. Following the completion of the sale, the chief financial officer now owns 105,162 shares of the company’s stock, valued at approximately $1,107,355.86. The trade was a 9.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Katrina J. Church sold 2,535 shares of Bioventus stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $10.53, for a total transaction of $26,693.55. Following the completion of the transaction, the senior vice president now directly owns 47,264 shares in the company, valued at approximately $497,689.92. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 32.90% of the company’s stock.

Institutional Trading of Bioventus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP bought a new stake in shares of Bioventus in the 3rd quarter worth approximately $8,337,000. Renaissance Technologies LLC boosted its position in Bioventus by 401.5% in the second quarter. Renaissance Technologies LLC now owns 503,175 shares of the company’s stock worth $2,893,000 after purchasing an additional 402,841 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Bioventus in the 3rd quarter worth approximately $4,515,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Bioventus in the third quarter worth approximately $3,092,000. Finally, State Street Corp grew its position in Bioventus by 38.8% during the third quarter. State Street Corp now owns 676,501 shares of the company’s stock valued at $8,084,000 after buying an additional 189,216 shares during the period. Hedge funds and other institutional investors own 62.94% of the company’s stock.

About Bioventus

Bioventus Inc, a medical device company, focuses on developing and commercializing treatments that engage and enhance the body's natural healing process in the United States and internationally. The company's product portfolio includes pain treatments, which comprise non-surgical pain injection therapies, as well as peripheral nerve stimulation products, such as Durolane, GELSYN-3, and SUPARTZ for the treatment of knee osteoarthritis and Stimrouter to treat chronic peripheral pain.