Royal Bank Of Canada Forecasts Strong Price Appreciation for Outset Medical (NASDAQ:OM) Stock

Key Points

• Royal Bank of Canada has raised its target price for Outset Medical from $21.00 to $22.00, indicating a potential upside of 52.24% from its previous close.
• Outset Medical's stock has recently seen increased trading activity, with a 9.7% rise during midday trading reaching $14.45.
• The company reported a loss of ($3.66) earnings per share in its latest quarter, significantly missing analysts' expectations, but exceeding revenue estimates at $29.75 million.

Outset Medical (NASDAQ:OM - Get Free Report) had its price objective boosted by equities research analysts at Royal Bank Of Canada from $21.00 to $22.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 76.99% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Scotiabank upgraded shares of Outset Medical to a "strong-buy" rating in a report on Thursday, May 15th. BTIG Research set a $37.00 target price on shares of Outset Medical and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Wall Street Zen upgraded shares of Outset Medical from a "sell" rating to a "hold" rating in a research note on Saturday, June 7th.

Outset Medical Stock Down 2.9%

Shares of OM stock traded down $0.37 during mid-day trading on Thursday, reaching $12.43. 375,027 shares of the company's stock traded hands, compared to its average volume of 229,166. Outset Medical has a 12 month low of $5.85 and a 12 month high of $25.35. The company has a market cap of $220.88 million, a P/E ratio of -0.61 and a beta of 2.14. The company has a quick ratio of 6.05, a current ratio of 7.47 and a debt-to-equity ratio of 0.63. The company's 50-day moving average price is $18.63 and its 200-day moving average price is $14.58.

Hedge Funds Weigh In On Outset Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Asset Management Inc purchased a new stake in shares of Outset Medical during the 1st quarter valued at about $589,000. Massachusetts Financial Services Co. MA purchased a new stake in Outset Medical in the 1st quarter worth approximately $9,293,000. Woodline Partners LP purchased a new stake in Outset Medical in the 1st quarter worth approximately $14,663,000. Parkman Healthcare Partners LLC purchased a new stake in Outset Medical in the 1st quarter worth approximately $2,556,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Outset Medical in the 1st quarter worth approximately $18,836,000.

Outset Medical Company Profile

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.