Shoulder Innovations, Inc.'s Quiet Period Will Expire on September 9th (NYSE:SI)

Key Points

• The quiet period for Shoulder Innovations, Inc. will conclude on September 9th, allowing underwriters to begin issuing research coverage.
• Several analysts have set new price targets, with ratings ranging from "buy" to "overweight", and the average target price set at $19.60.
• Insider transactions reveal increased confidence, as major shareholders acquired significant shares at $15.00 each, boosting their ownership stakes.

Shoulder Innovations' (NYSE:SI - Get Free Report) quiet period is set to end on Tuesday, September 9th. Shoulder Innovations had issued 5,000,000 shares in its IPO on July 31st. The total size of the offering was $75,000,000 based on an initial share price of $15.00. During the company's quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SI shares. BTIG Research initiated coverage on shares of Shoulder Innovations in a research note on Monday, August 25th. They set a "buy" rating and a $23.00 target price for the company. Piper Sandler initiated coverage on shares of Shoulder Innovations in a research report on Monday, August 25th. They issued an "overweight" rating and a $18.00 price objective on the stock. Wall Street Zen downgraded shares of Shoulder Innovations from a "hold" rating to a "sell" rating in a report on Saturday. Zacks Research raised shares of Shoulder Innovations to a "hold" rating in a report on Tuesday, August 26th. Finally, Jefferies Financial Group initiated coverage on Shoulder Innovations in a report on Monday, August 25th. They set a "buy" rating and a $19.00 price target on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.60.

Shoulder Innovations Trading Down 5.2%

NYSE SI traded down $0.83 on Wednesday, reaching $15.19. 101,029 shares of the stock were exchanged, compared to its average volume of 162,374. Shoulder Innovations has a one year low of $11.75 and a one year high of $17.94. The stock has a market cap of $231.34 million and a price-to-earnings ratio of -0.51.

Insider Transactions at Shoulder Innovations

In other news, Director Geoffrey B. Pardo acquired 100,000 shares of Shoulder Innovations stock in a transaction on Friday, August 1st. The stock was bought at an average price of $15.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the director owned 2,380,482 shares of the company's stock, valued at $35,707,230. The trade was a 4.39% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael A. Carusi acquired 266,666 shares of Shoulder Innovations stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $15.00 per share, with a total value of $3,999,990.00. Following the completion of the transaction, the director directly owned 1,885,136 shares of the company's stock, valued at $28,277,040. This trade represents a 16.48% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 778,382 shares of company stock valued at $11,675,730.

Shoulder Innovations Company Profile

We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain.