Intersect ENT Inc (XENT) Sees Significant Drop in Short Interest

Intersect ENT Inc (NASDAQ:XENT) was the target of a significant decrease in short interest in the month of February. As of February 15th, there was short interest totalling 1,071,527 shares, a decrease of 26.6% from the January 31st total of 1,458,858 shares. Based on an average daily volume of 261,903 shares, the days-to-cover ratio is presently 4.1 days. Approximately 3.6% of the shares of the stock are sold short.

Several research firms recently weighed in on XENT. BidaskClub raised shares of Intersect ENT from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. BTIG Research reaffirmed a “hold” rating on shares of Intersect ENT in a research report on Tuesday, February 26th. Canaccord Genuity upped their price objective on shares of Intersect ENT from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, February 26th. ValuEngine raised shares of Intersect ENT from a “hold” rating to a “buy” rating in a research report on Saturday, February 23rd. Finally, Zacks Investment Research cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 22nd. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $37.40.

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XENT stock opened at $34.11 on Wednesday. The stock has a market capitalization of $1.06 billion, a PE ratio of -44.89 and a beta of 0.61. Intersect ENT has a 12 month low of $25.09 and a 12 month high of $42.95.

Intersect ENT (NASDAQ:XENT) last posted its earnings results on Monday, February 25th. The medical equipment provider reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $32.80 million during the quarter, compared to analysts’ expectations of $32.68 million. Intersect ENT had a negative net margin of 20.00% and a negative return on equity of 17.62%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) earnings per share. On average, equities research analysts forecast that Intersect ENT will post -0.88 EPS for the current fiscal year.

In related news, insider Lisa D. Earnhardt sold 20,000 shares of the company’s stock in a transaction dated Monday, December 17th. The shares were sold at an average price of $29.73, for a total transaction of $594,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.90% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Intersect ENT by 3.8% in the third quarter. Vanguard Group Inc. now owns 1,377,070 shares of the medical equipment provider’s stock worth $39,591,000 after acquiring an additional 50,060 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Intersect ENT by 12.9% in the third quarter. BlackRock Inc. now owns 2,607,083 shares of the medical equipment provider’s stock worth $74,954,000 after acquiring an additional 296,973 shares during the last quarter. Boston Advisors LLC increased its stake in shares of Intersect ENT by 21.3% in the fourth quarter. Boston Advisors LLC now owns 41,645 shares of the medical equipment provider’s stock valued at $1,174,000 after buying an additional 7,324 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Intersect ENT by 18.1% in the third quarter. Russell Investments Group Ltd. now owns 49,408 shares of the medical equipment provider’s stock valued at $1,421,000 after buying an additional 7,589 shares during the period. Finally, William Blair Investment Management LLC increased its stake in shares of Intersect ENT by 17.5% in the third quarter. William Blair Investment Management LLC now owns 269,614 shares of the medical equipment provider’s stock valued at $7,751,000 after buying an additional 40,151 shares during the period. 92.04% of the stock is owned by hedge funds and other institutional investors.

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About Intersect ENT

Intersect ENT, Inc, a drug delivery company, researches and develops products for the treatment of patients with ear, nose and throat conditions in the United States. It offers PROPEL and PROPEL mini drug releasing implants for patients undergoing sinus surgery to treat chronic sinusitis; and PROPEL Contour, a steroid releasing implant to frontal and maxillary sinus ostia, or openings, of the dependent sinuses.

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