Stonepine Capital Management LLC Makes New Investment in Pulmonx Corporation $LUNG

Key Points

• Stonepine Capital Management acquired 815,436 Pulmonx shares worth approximately $1.06 million, representing about 1.9% of the company. Institutional investors collectively own 91.04% of Pulmonx.
• Pulmonx reported a quarterly loss of $0.24 per share, beating estimates for a $0.28 loss, while revenue of $22.76 million exceeded expectations of $22.39 million. Analysts expect a full-year loss of $1.05 per share.
• The stock recently traded at $2.38, well above its 50-day and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $7.67, although the company remains unprofitable.

Stonepine Capital Management LLC acquired a new position in shares of Pulmonx Corporation (NASDAQ:LUNG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 815,436 shares of the company's stock, valued at approximately $1,060,067. Stonepine Capital Management LLC owned about 1.90% of Pulmonx at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Primecap Management Co. CA acquired a new stake in Pulmonx during the 2nd quarter worth about $5,996,000. ExodusPoint Capital Management LP acquired a new position in Pulmonx in the 4th quarter valued at approximately $4,312,000. Almitas Capital LLC bought a new stake in Pulmonx during the 2nd quarter worth approximately $1,383,000. BlackRock Inc. bought a new position in Pulmonx in the 2nd quarter worth about $1,147,000. Finally, Vestal Point Capital LP bought a new stake in Pulmonx during the 3rd quarter valued at $1,345,000. Hedge funds and other institutional investors own 91.04% of the company's stock.

Pulmonx Price Performance

Shares of LUNG traded down $0.04 during mid-day trading on Friday, reaching $2.38. The stock had a trading volume of 277,209 shares, compared to its average volume of 515,647. The business has a fifty day moving average of $1.70 and a 200 day moving average of $1.53. Pulmonx Corporation has a 12 month low of $1.13 and a 12 month high of $2.89. The company has a debt-to-equity ratio of 0.95, a quick ratio of 3.52 and a current ratio of 4.32. The firm has a market cap of $102.22 million, a price-to-earnings ratio of -2.05 and a beta of 0.28.

Pulmonx (NASDAQ:LUNG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported ($0.24) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.04. Pulmonx had a negative return on equity of 96.66% and a negative net margin of 55.03%.The business had revenue of $22.76 million during the quarter, compared to analysts' expectations of $22.39 million. Equities analysts predict that Pulmonx Corporation will post -1.05 EPS for the current year.

Analyst Upgrades and Downgrades

LUNG has been the subject of a number of research analyst reports. D. Boral Capital reiterated a "buy" rating and set a $14.00 price objective on shares of Pulmonx in a report on Thursday, April 30th. Wall Street Zen raised Pulmonx from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Weiss Ratings raised shares of Pulmonx from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Pulmonx has an average rating of "Moderate Buy" and a consensus target price of $7.67.

Pulmonx Profile

Pulmonx Corporation is a commercial-stage medical device company focused on bronchoscopic lung volume reduction for patients suffering from severe emphysema. The company's flagship therapy, the Zephyr® Endobronchial Valve System, employs one-way valves delivered via a minimally invasive bronchoscopic procedure to collapse diseased portions of the lung, reducing hyperinflation and improving respiratory function. Complementing this treatment, Pulmonx offers the Chartis® Pulmonary Assessment System, which provides clinicians with quantitative measurements of collateral ventilation to aid in patient selection and optimize clinical outcomes.

The Zephyr Valve received the CE mark in Europe in 2008 and FDA approval in the United States in 2018, and it has since been adopted by leading respiratory and thoracic centers across North America and Europe.

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