BlackRock Inc. Takes Position in ClearPoint Neuro, Inc. $CLPT

Key Points

• BlackRock initiated a major position in ClearPoint Neuro during the second quarter, purchasing 2.38 million shares worth approximately $42.5 million, or about 7.8% of the company. Institutional investors and hedge funds collectively own 30.08% of the stock.
• Analyst sentiment is mixed: ClearPoint Neuro has a consensus rating of “Hold” and an average price target of $25.67, with targets ranging from $22 to $30 and ratings spanning strong sell to buy.
• The company’s latest quarterly results fell short of expectations, reporting a $0.38 per-share loss versus the anticipated $0.29 loss and revenue of $10.88 million versus the $12.73 million consensus estimate. CEO Joseph Burnett also sold 60,000 shares, while insiders have sold approximately $1.49 million worth of stock over the past 90 days.

BlackRock Inc. bought a new stake in ClearPoint Neuro, Inc. (NASDAQ:CLPT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,379,804 shares of the company's stock, valued at approximately $42,456,000. BlackRock Inc. owned approximately 7.80% of ClearPoint Neuro as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of 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 period. SG Americas Securities LLC purchased a new stake in shares of ClearPoint Neuro during the first quarter valued at $3,388,000. FirstWave Capital Management LLC acquired a new position in shares of ClearPoint Neuro in the 4th quarter valued at $4,971,000. Two Sigma Investments LP lifted its stake in ClearPoint Neuro by 1,316.1% during the third 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 in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in shares of ClearPoint Neuro in the fourth quarter worth about $2,972,000. Institutional investors and hedge funds own 30.08% of the company's stock.

Wall Street Analysts Forecast Growth

CLPT has been the topic of several recent analyst reports. 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. Stifel Nicolaus set a $22.00 price target on shares of ClearPoint Neuro in a report on Tuesday, August 4th. Lake Street Capital set a $25.00 price target on shares of ClearPoint Neuro in a research note on Tuesday, August 4th. B. Riley Financial raised their price target on ClearPoint Neuro from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of ClearPoint Neuro in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, ClearPoint Neuro has a consensus rating of "Hold" and an average price target of $25.67.

ClearPoint Neuro Price Performance

NASDAQ:CLPT opened at $15.14 on Tuesday. The stock has a market cap of $461.77 million, a P/E ratio of -12.83 and a beta of 1.24. ClearPoint Neuro, Inc. has a one year low of $8.27 and a one year high of $30.10. The company has a fifty day moving average price of $15.93 and a 200 day moving average price of $13.21. The company has a debt-to-equity ratio of 4.66, a current ratio of 4.74 and a quick ratio of 3.89.

ClearPoint Neuro (NASDAQ:CLPT - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.09). ClearPoint Neuro had a negative return on equity of 188.09% and a negative net margin of 81.76%.The company had revenue of $10.88 million for the quarter, compared to the consensus estimate of $12.73 million. During the same quarter in the previous year, the firm posted ($0.21) EPS. Analysts anticipate that ClearPoint Neuro, Inc. will post -1.29 earnings per share for the current year.

Insider Activity at ClearPoint Neuro

In other news, CEO Joseph Burnett sold 60,000 shares of ClearPoint Neuro stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $17.79, for a total transaction of $1,067,400.00. Following the sale, the chief executive officer directly owned 116,842 shares in the company, valued at approximately $2,078,619.18. The trade was a 33.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 81,843 shares of company stock worth $1,488,063. 6.94% of the stock is currently owned by company insiders.

About ClearPoint Neuro

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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