Bank of New York Mellon Corp Invests $2.71 Million in ClearPoint Neuro, Inc. $CLPT

Key Points

• Bank of New York Mellon acquired 151,767 ClearPoint Neuro shares worth approximately $2.71 million, while institutional investors collectively own 30.08% of the company.
• ClearPoint Neuro’s CEO sold 60,000 shares for about $1.07 million, and insiders sold roughly $1.49 million of stock over the last quarter.
• The company missed quarterly expectations, reporting a loss of $0.38 per share and revenue of $10.88 million. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $25.67.

Bank of New York Mellon Corp acquired a new stake in ClearPoint Neuro, Inc. (NASDAQ:CLPT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 151,767 shares of the company's stock, valued at approximately $2,708,000. Bank of New York Mellon Corp owned about 0.50% of ClearPoint Neuro as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Millennium Management LLC lifted its stake in ClearPoint Neuro by 156.3% during the first quarter. Millennium Management LLC now owns 741,193 shares of the company's stock worth $8,813,000 after purchasing an additional 452,043 shares during the last quarter. SG Americas Securities LLC purchased a new position in ClearPoint Neuro in the first quarter valued at approximately $3,388,000. FirstWave Capital Management LLC purchased a new position in ClearPoint Neuro in the fourth quarter valued at approximately $4,971,000. Two Sigma Investments LP grew its position in shares of ClearPoint Neuro by 1,316.1% in the 3rd quarter. Two Sigma Investments LP now owns 310,526 shares of the company's stock valued at $6,766,000 after buying an additional 288,598 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of ClearPoint Neuro in the 4th quarter valued at $2,972,000. Institutional investors and hedge funds own 30.08% of the company's stock.

Insider Activity

In other news, CEO Joseph Burnett sold 60,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.79, for a total value of $1,067,400.00. Following the transaction, the chief executive officer owned 116,842 shares of the company's stock, valued at approximately $2,078,619.18. The trade was a 33.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 81,843 shares of company stock valued at $1,488,063 over the last quarter. Insiders own 6.94% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CLPT. Weiss Ratings reiterated a "sell (d-)" rating on shares of ClearPoint Neuro in a research note on Friday, July 17th. Wall Street Zen downgraded shares of ClearPoint Neuro from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Lake Street Capital set a $25.00 price objective on ClearPoint Neuro in a report on Tuesday, August 4th. B. Riley Financial upped their target price on ClearPoint Neuro from $20.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Finally, Stifel Nicolaus set a $22.00 price target on ClearPoint Neuro in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, ClearPoint Neuro presently has a consensus rating of "Hold" and an average price target of $25.67.

ClearPoint Neuro Price Performance

Shares of NASDAQ:CLPT opened at $13.96 on Tuesday. ClearPoint Neuro, Inc. has a 1-year low of $8.27 and a 1-year high of $30.10. The company has a debt-to-equity ratio of 4.66, a current ratio of 4.74 and a quick ratio of 3.89. The stock has a market cap of $425.78 million, a P/E ratio of -11.83 and a beta of 1.26. The firm has a fifty day moving average price of $15.51 and a 200 day moving average price of $13.24.

ClearPoint Neuro (NASDAQ:CLPT - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.38) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.09). The business had revenue of $10.88 million during the quarter, compared to analyst estimates of $12.73 million. ClearPoint Neuro had a negative net margin of 81.76% and a negative return on equity of 188.09%. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. Sell-side analysts predict that ClearPoint Neuro, Inc. will post -1.22 EPS for the current year.

ClearPoint Neuro Profile

ClearPoint Neuro, Inc is a medical technology company specializing in the development and commercialization of an MRI-guided therapy platform for minimally invasive neurosurgical procedures. Headquartered in Cambridge, Massachusetts, the company's flagship ClearPoint® SmartFrame™ system enables surgeons to perform accurate and efficient intracranial interventions by providing real-time magnetic resonance imaging feedback. This technology is designed to improve patient safety and outcomes in treatments ranging from deep brain stimulation electrode placement to laser ablation of epileptic foci and brain tumors.

The ClearPoint System integrates hardware, software and imaging capabilities to guide instruments through the brain with submillimeter precision.

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