Vivani Medical (NASDAQ:VANI) Trading Down 2.1% - Should You Sell?

Key Points

• Vivani Medical's stock (NASDAQ: VANI) fell by 2.1% during mid-day trading, reaching a low of $1.39 and closing at $1.40.
• HC Wainwright reaffirmed a "buy" rating for Vivani Medical with a target price of $4.00, reflecting a positive outlook despite current trading trends.
• Director Gregg Williams significantly increased his stake in the company by acquiring over 2 million shares at an average cost of $1.16 per share, indicating insider confidence in Vivani's future prospects.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) dropped 2.1% during mid-day trading on Monday . The stock traded as low as $1.39 and last traded at $1.40. Approximately 87,563 shares were traded during trading, a decline of 54% from the average daily volume of 191,905 shares. The stock had previously closed at $1.43.

Wall Street Analyst Weigh In

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

Vivani Medical Trading Down 2.1%

The company has a market capitalization of $82.94 million, a price-to-earnings ratio of -3.11 and a beta of 3.12. The firm's fifty day simple moving average is $1.34 and its two-hundred day simple moving average is $1.21.

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

Insiders Place Their Bets

In other news, Director Gregg Williams bought 2,068,453 shares of the firm's stock in a transaction on Monday, September 15th. The shares were bought at an average cost of $1.16 per share, for a total transaction of $2,399,405.48. Following the acquisition, the director directly owned 15,909,348 shares of the company's stock, valued at $18,454,843.68. This trade represents a 14.94% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 46.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Vivani Medical

Large investors have recently made changes to their positions in the stock. Panagora Asset Management Inc. acquired a new position in shares of Vivani Medical in the 2nd quarter worth approximately $25,000. Jane Street Group LLC acquired a new position in shares of Vivani Medical in the 4th quarter worth approximately $66,000. Northern Trust Corp lifted its holdings in shares of Vivani Medical by 19.1% in the 4th quarter. Northern Trust Corp now owns 71,915 shares of the company's stock worth $83,000 after acquiring an additional 11,540 shares during the last quarter. Wealthedge Investment Advisors LLC lifted its holdings in shares of Vivani Medical by 238.8% in the 1st quarter. Wealthedge Investment Advisors LLC now owns 125,033 shares of the company's stock worth $131,000 after acquiring an additional 88,132 shares during the last quarter. Finally, Connective Capital Management LLC lifted its holdings in shares of Vivani Medical by 796.2% in the 1st quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock worth $170,000 after acquiring an additional 144,010 shares during the last quarter. 6.78% of the stock is currently owned by institutional investors and hedge funds.

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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