Integra LifeSciences (NASDAQ:IART) Shares Gap Up Following Earnings Beat

Integra LifeSciences Holdings Co. (NASDAQ:IART) shares gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $19.28, but opened at $22.00. Integra LifeSciences shares last traded at $23.30, with a volume of 340,208 shares trading hands.

The life sciences company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $380.80 million for the quarter, compared to analyst estimates of $375.81 million. Integra LifeSciences had a net margin of 1.51% and a return on equity of 14.07%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 EPS.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. BTIG Research upgraded Integra LifeSciences from a “sell” rating to a “neutral” rating in a report on Monday, October 7th. Citigroup lifted their price objective on shares of Integra LifeSciences from $16.00 to $22.00 and gave the company a “sell” rating in a research note on Tuesday. Bank of America cut their target price on shares of Integra LifeSciences from $26.00 to $18.00 and set an “underperform” rating on the stock in a research note on Monday, October 7th. Truist Financial dropped their price objective on shares of Integra LifeSciences from $26.00 to $21.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Finally, Morgan Stanley raised their target price on Integra LifeSciences from $24.00 to $27.00 and gave the company an “underweight” rating in a research note on Monday, July 15th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Integra LifeSciences presently has an average rating of “Hold” and a consensus price target of $27.25.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in Integra LifeSciences in the 3rd quarter valued at about $960,000. Versor Investments LP purchased a new stake in shares of Integra LifeSciences during the third quarter valued at approximately $612,000. Olstein Capital Management L.P. lifted its holdings in Integra LifeSciences by 37.2% during the third quarter. Olstein Capital Management L.P. now owns 155,000 shares of the life sciences company’s stock worth $2,816,000 after acquiring an additional 42,000 shares during the period. Principal Financial Group Inc. boosted its position in Integra LifeSciences by 18.7% in the third quarter. Principal Financial Group Inc. now owns 401,432 shares of the life sciences company’s stock worth $7,294,000 after purchasing an additional 63,266 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in Integra LifeSciences by 3.0% in the 3rd quarter. New York State Teachers Retirement System now owns 90,098 shares of the life sciences company’s stock valued at $1,637,000 after purchasing an additional 2,616 shares during the period. 84.78% of the stock is owned by institutional investors.

Integra LifeSciences Trading Up 3.3 %

The stock has a market capitalization of $1.93 billion, a PE ratio of 85.90, a price-to-earnings-growth ratio of 0.66 and a beta of 1.08. The company has a current ratio of 3.39, a quick ratio of 2.10 and a debt-to-equity ratio of 1.17. The firm has a 50-day moving average price of $18.68 and a 200-day moving average price of $24.41.

Integra LifeSciences Company Profile

Integra LifeSciences Holdings Corporation manufactures and sells surgical instruments, neurosurgical products, and wound care products for use in neurosurgery, neurocritical care, and otolaryngology. It operates in two segments, Codman Specialty Surgical and Tissue Technologies. The company offers neurosurgery and neuro critical care products, including tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; and surgical headlamps and instrumentation, as well as after-market services.