Insider Buying: electroCore (NASDAQ:ECOR) Director Purchases $49,250.00 in Stock

Key Points

• Director Thomas Errico bought 5,000 electroCore shares at an average price of $9.85, investing $49,250 and increasing his ownership by 1.48% to 343,332 shares.
• electroCore recently reported a quarterly loss of $0.33 per share, beating the $0.42 consensus estimate, while revenue of $9.45 million was slightly below expectations.
• ECOR shares opened at $9.97, near their 12-month high of $10.49; analysts have a consensus “Hold” rating and an average price target of $18.00, though the company remains unprofitable.

electroCore, Inc. (NASDAQ:ECOR - Get Free Report) Director Thomas Errico purchased 5,000 shares of electroCore stock in a transaction dated Thursday, August 13th. The shares were bought at an average price of $9.85 per share, for a total transaction of $49,250.00. Following the acquisition, the director owned 343,332 shares in the company, valued at approximately $3,381,820.20. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

electroCore Stock Performance

Shares of ECOR stock opened at $9.97 on Monday. electroCore, Inc. has a twelve month low of $4.41 and a twelve month high of $10.49. The company's 50-day moving average price is $7.68 and its 200-day moving average price is $7.06. The stock has a market cap of $89.93 million, a price-to-earnings ratio of -6.01 and a beta of 0.93.

electroCore (NASDAQ:ECOR - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. The firm had revenue of $9.45 million during the quarter, compared to analysts' expectations of $9.49 million. electroCore had a negative net margin of 39.96% and a negative return on equity of 1,956.38%. As a group, equities research analysts predict that electroCore, Inc. will post -1.4 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of electroCore in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $18.00.

Institutional Investors Weigh In On electroCore

A number of hedge funds have recently bought and sold shares of the stock. Two Sigma Investments LP boosted its position in shares of electroCore by 20.8% during the 3rd quarter. Two Sigma Investments LP now owns 24,603 shares of the company's stock worth $122,000 after acquiring an additional 4,231 shares in the last quarter. International Assets Investment Management LLC lifted its stake in electroCore by 15.2% during the fourth quarter. International Assets Investment Management LLC now owns 88,720 shares of the company's stock worth $398,000 after purchasing an additional 11,700 shares during the last quarter. Jane Street Group LLC lifted its stake in electroCore by 114.4% during the first quarter. Jane Street Group LLC now owns 36,726 shares of the company's stock worth $246,000 after purchasing an additional 19,599 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in electroCore in the first quarter valued at approximately $153,000. Finally, WealthShield Partners LLC acquired a new position in electroCore in the first quarter valued at approximately $157,000. Institutional investors and hedge funds own 26.74% of the company's stock.

electroCore Company Profile

electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device.

The company's lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve.

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