Inari Medical (NASDAQ:NARI) Rating Lowered to “Hold” at Baird R W

Inari Medical (NASDAQ:NARI) was downgraded by investment analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

NARI has been the subject of a number of other research reports. Truist Financial boosted their price objective on Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Piper Sandler upped their price target on shares of Inari Medical from $52.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday. William Blair reiterated a “market perform” rating on shares of Inari Medical in a research report on Tuesday. Stifel Nicolaus started coverage on shares of Inari Medical in a research note on Tuesday, September 17th. They set a “hold” rating and a $50.00 target price for the company. Finally, Robert W. Baird restated a “neutral” rating and issued a $80.00 price target (down previously from $81.00) on shares of Inari Medical in a research note on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Inari Medical has an average rating of “Hold” and an average target price of $68.00.

Inari Medical Stock Down 0.2 %

Shares of NASDAQ:NARI opened at $79.30 on Tuesday. The firm has a 50-day simple moving average of $52.85 and a 200 day simple moving average of $48.92. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $79.69. The company has a market cap of $4.64 billion, a PE ratio of -58.74 and a beta of 0.97.

Insider Activity

In other news, Director William Hoffman sold 40,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $50.05, for a total transaction of $2,002,000.00. Following the completion of the sale, the director now owns 561,233 shares in the company, valued at approximately $28,089,711.65. This represents a 6.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of Inari Medical stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the transaction, the chief executive officer now owns 445,310 shares in the company, valued at $22,265,500. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 406,000 shares of company stock worth $22,621,870 over the last 90 days. 10.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Inari Medical

A number of hedge funds and other institutional investors have recently modified their holdings of NARI. Vestal Point Capital LP lifted its stake in Inari Medical by 342.9% during the third quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after buying an additional 1,200,000 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Inari Medical by 113.3% during the second quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock valued at $71,324,000 after acquiring an additional 786,691 shares during the period. Armistice Capital LLC lifted its position in shares of Inari Medical by 353.1% in the 2nd quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock valued at $48,595,000 after acquiring an additional 786,501 shares in the last quarter. Jennison Associates LLC boosted its stake in Inari Medical by 63.2% in the 3rd quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock worth $65,021,000 after purchasing an additional 610,468 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Inari Medical by 101.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 795,099 shares of the company’s stock worth $32,790,000 after purchasing an additional 400,198 shares in the last quarter. Institutional investors and hedge funds own 90.98% of the company’s stock.

About Inari Medical

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.