Vivani Medical (NASDAQ:VANI) Downgraded by Zacks Research to Strong Sell

Key Points

• Vivani Medical has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, reflecting decreased confidence in the company's stock performance.
• The stock has a current price of $1.32, with a 12-month low of $0.91 and a high of $1.80, alongside a consensus target price of $4.00 among analysts.
• Insider purchases were notable, as Director Gregg Williams acquired over 2 million shares at an average price of $1.16, increasing his holdings by approximately 14.94%.

Vivani Medical (NASDAQ:VANI - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price objective on shares of Vivani Medical in a research note on Tuesday, September 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Vivani Medical in a report on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $4.00.

Vivani Medical Price Performance

Shares of NASDAQ VANI opened at $1.32 on Tuesday. The firm has a market cap of $78.20 million, a PE ratio of -2.93 and a beta of 3.18. Vivani Medical has a 12-month low of $0.91 and a 12-month high of $1.80. The company's fifty day simple moving average is $1.32 and its 200 day simple moving average is $1.24.

Vivani Medical (NASDAQ:VANI - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). On average, equities analysts predict that Vivani Medical will post -0.41 earnings per share for the current year.

Insider Transactions at Vivani Medical

In related news, Director Gregg Williams acquired 2,068,453 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was acquired at an average price of $1.16 per share, for a total transaction of $2,399,405.48. Following the completion of the acquisition, the director owned 15,909,348 shares of the company's stock, valued at approximately $18,454,843.68. This represents a 14.94% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 46.40% of the company's stock.

Institutional Trading of Vivani Medical

A number of large investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. purchased a new position in shares of Vivani Medical in the second quarter worth about $25,000. Wealthedge Investment Advisors LLC increased its stake in shares of Vivani Medical by 238.8% in the first quarter. Wealthedge Investment Advisors LLC now owns 125,033 shares of the company's stock worth $131,000 after purchasing an additional 88,132 shares in the last quarter. Finally, Connective Capital Management LLC increased its stake in shares of Vivani Medical by 796.2% in 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 in the last quarter. Hedge funds and other institutional investors own 6.78% of the company's stock.

About Vivani Medical

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.

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