Vivani Medical (NASDAQ:VANI) Director Buys $2,399,405.48 in Stock

Key Points

• Vivani Medical Director Gregg Williams purchased $2.4 million worth of shares, increasing his stake in the company by 14.94%.
• The company’s stock has risen 21.1% to $1.47 following positive market sentiment and developments related to its weight-loss implant technology.
• HC Wainwright has reaffirmed a "buy" rating for Vivani Medical, setting a price target of $4.00 per share, indicating optimistic future performance based on market analysis.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) Director Gregg Williams purchased 2,068,453 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were purchased at an average cost of $1.16 per share, with a total value of $2,399,405.48. Following the completion of the purchase, the director owned 15,909,348 shares in the company, valued at $18,454,843.68. This trade represents a 14.94% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Vivani Medical Trading Down 4.1%

NASDAQ:VANI traded down $0.06 during trading hours on Friday, reaching $1.41. 171,946 shares of the company were exchanged, compared to its average volume of 139,856. The stock's 50-day moving average is $1.35 and its 200-day moving average is $1.20. The firm has a market cap of $83.53 million, a PE ratio of -3.13 and a beta of 3.12. Vivani Medical, Inc. has a twelve month low of $0.91 and a twelve month high of $1.80.

Vivani Medical (NASDAQ:VANI - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). As a group, research analysts anticipate that Vivani Medical, Inc. will post -0.41 EPS for the current year.

Institutional Trading of Vivani Medical

Several large investors have recently modified their holdings of VANI. Panagora Asset Management Inc. purchased a new position in shares of Vivani Medical during the second quarter valued at approximately $25,000. Wealthedge Investment Advisors LLC purchased a new position in shares of Vivani Medical during the fourth quarter worth approximately $43,000. Jane Street Group LLC bought a new position in shares of Vivani Medical during the fourth quarter valued at approximately $66,000. Northern Trust Corp raised its holdings in shares of Vivani Medical by 19.1% in the fourth quarter. Northern Trust Corp now owns 71,915 shares of the company's stock worth $83,000 after buying an additional 11,540 shares during the last quarter. Finally, Connective Capital Management LLC raised its holdings in shares of Vivani Medical by 796.2% during the first quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock worth $170,000 after purchasing an additional 144,010 shares during the last quarter. 6.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "buy" rating and set a $4.00 price objective on shares of Vivani Medical in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $4.00.

Vivani Medical Company Profile

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.