Bioventus (NYSE:BVS) Shares Gap Down - Here's What Happened

Key Points

• Bioventus Inc. shares gapped down to $6.54 from a previous close of $6.76 before market opening, with the last traded price at $6.46.
• Cantor Fitzgerald has initiated coverage with an "overweight" rating and a price target of $12.00, while the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.75.
• Institutional investors have shown increased interest, with hedge funds owning 62.94% of the stock, including notable stakes raised significantly in recent quarters.

Shares of Bioventus Inc. (NYSE:BVS - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $6.76, but opened at $6.54. Bioventus shares last traded at $6.46, with a volume of 88,485 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald assumed coverage on Bioventus in a research report on Monday, July 7th. They set an "overweight" rating and a $12.00 price target on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.75.

Bioventus Price Performance

The company has a 50 day moving average of $6.97 and a two-hundred day moving average of $7.30. The firm has a market cap of $538.65 million, a P/E ratio of -10.65 and a beta of 0.84. The company has a quick ratio of 0.99, a current ratio of 1.41 and a debt-to-equity ratio of 1.85.

Institutional Investors Weigh In On Bioventus

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Bioventus by 3,228.7% in the 1st quarter. GAMMA Investing LLC now owns 5,792 shares of the company's stock worth $53,000 after acquiring an additional 5,618 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Bioventus by 23,761.5% during the 1st quarter. Russell Investments Group Ltd. now owns 6,204 shares of the company's stock worth $57,000 after purchasing an additional 6,178 shares in the last quarter. PharVision Advisers LLC purchased a new stake in shares of Bioventus during the 2nd quarter worth about $67,000. Fox Run Management L.L.C. purchased a new stake in shares of Bioventus during the 2nd quarter worth about $72,000. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in shares of Bioventus by 55.9% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 11,768 shares of the company's stock worth $78,000 after purchasing an additional 4,221 shares in the last quarter. 62.94% of the stock is owned by hedge funds and other institutional investors.

Bioventus Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.