Vivani Medical (NASDAQ:VANI) Stock Price Down 0.8% After Earnings Miss

Key Points

• Vivani Medical stock fell by 0.8% following a quarterly earnings report that missed estimates, posting a loss of ($0.12) per share compared to the consensus estimate of ($0.09).
• Despite the earnings miss, HC Wainwright has maintained a "buy" rating for Vivani Medical, with a target price of $4.00 per share.
• Institutional investors currently own 6.78% of Vivani Medical's stock, with significant recent acquisitions from various hedge funds increasing their stakes in the company.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) traded down 0.8% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.25 and last traded at $1.26. 65,580 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 178,442 shares. The stock had previously closed at $1.27.

The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03).

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "buy" rating and set a $4.00 target price on shares of Vivani Medical in a research note on Monday, May 19th.

Hedge Funds Weigh In On Vivani Medical

A number of hedge funds have recently bought and sold shares of VANI. Panagora Asset Management Inc. bought a new position in Vivani Medical in the second quarter worth about $25,000. Wealthedge Investment Advisors LLC acquired a new position in Vivani Medical in the fourth quarter worth approximately $43,000. Jane Street Group LLC acquired a new position in Vivani Medical in the fourth quarter worth approximately $66,000. Northern Trust Corp raised its stake in Vivani Medical by 19.1% during the 4th quarter. Northern Trust Corp now owns 71,915 shares of the company's stock valued at $83,000 after purchasing an additional 11,540 shares during the period. Finally, Connective Capital Management LLC raised its position in Vivani Medical by 796.2% during the first quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock valued at $170,000 after buying an additional 144,010 shares during the period. 6.78% of the stock is currently owned by institutional investors and hedge funds.

Vivani Medical Stock Down 0.8%

The stock has a market capitalization of $74.64 million, a price-to-earnings ratio of -2.93 and a beta of 2.99. The firm has a 50-day moving average of $1.34 and a two-hundred day moving average of $1.18.

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.

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