Inari Medical (NASDAQ:NARI) Sets New 12-Month High on Analyst Upgrade

Inari Medical, Inc. (NASDAQ:NARI) reached a new 52-week high during trading on Tuesday after Piper Sandler raised their price target on the stock from $52.00 to $80.00. Piper Sandler currently has a neutral rating on the stock. Inari Medical traded as high as $79.43 and last traded at $79.31, with a volume of 5168594 shares trading hands. The stock had previously closed at $65.00.

A number of other analysts have also recently issued reports on the company. Canaccord Genuity Group reissued a “hold” rating and set a $80.00 price objective (up previously from $74.00) on shares of Inari Medical in a research report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a research note on Tuesday, October 29th. Truist Financial boosted their price objective on shares of Inari Medical from $50.00 to $63.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Oppenheimer started coverage on shares of Inari Medical in a research note on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price target on the stock. Finally, Stifel Nicolaus began coverage on Inari Medical in a research report on Tuesday, September 17th. They set a “hold” rating and a $50.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $66.50.

Insider Activity at Inari Medical

In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now owns 445,310 shares of the company’s stock, valued at $22,265,500. The trade was a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William Hoffman sold 60,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $55.66, for a total transaction of $3,339,600.00. Following the completion of the transaction, the director now directly owns 441,233 shares of the company’s stock, valued at approximately $24,559,028.78. The trade was a 11.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 206,000 shares of company stock worth $10,527,870 over the last quarter. Company insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Aigen Investment Management LP bought a new position in Inari Medical in the third quarter worth about $428,000. Vestal Point Capital LP raised its holdings in Inari Medical by 342.9% in the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock worth $63,922,000 after purchasing an additional 1,200,000 shares during the period. Lighthouse Investment Partners LLC bought a new position in Inari Medical in the 2nd quarter worth $2,145,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Inari Medical in the third quarter worth about $1,397,000. Finally, Verition Fund Management LLC purchased a new position in Inari Medical in the third quarter worth about $1,235,000. 90.98% of the stock is currently owned by institutional investors.

Inari Medical Stock Up 22.0 %

The stock has a market cap of $4.64 billion, a P/E ratio of -58.73 and a beta of 0.97. The business has a 50 day moving average price of $52.24 and a 200 day moving average price of $48.69.

Inari Medical Company Profile

Inari Medical, Inc builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories for the specific disease states in the United States. The company provides ClotTriever system, which is designed to core, capture, and remove large clots from large vessels for treatment of deep vein thrombosis and peripheral thrombus; FlowTriever system, a large bore catheter-based aspiration and mechanical thrombectomy system to remove large clots from large vessels in the peripheral vasculature for treating pulmonary embolism and other complex venous thromboembolism cases; InThrill system to treat small vessel thrombosis; and LimFlow system for patients who have chronic limb-threatening ischemia with no suitable endovascular or surgical revascularization options and risk of major amputation.