NuVasive Inc. stock is showing signs of recovery from deep slump occurred earlier this month. The stock is likely to have factored in the impact of its weak financial numbers for the third quarter. NuVasive had reported $239.65 million in revenue while its net earnings for the quarter stood at $3.93 million. The company also reported shrinking Gross margin at 70.53%, down from 73.95% margin it had reported for the corresponding quarter of the last year.
Another worrying factor for the stock is the downward revision of its guidance. The company now expects its full year revenue to be $952 million, while its earlier guidance stood at $962 million. For its full year earnings, NuVasive expects the figure to be at $1.64 per share, lower than consensus estimates.
However, Aegis has started its coverage of the stock with Buy rating. The stock has been given the target price of $72. It is currently trading close to $65. 14 out of the 17 analysts covering the company have Buy rating for the stock.
NuVasive Inc. is a medical device company and it mainly operates in the spine segment. It offers a varied portfolio of products ranging from thoracolumbar product offerings to FormaGraft which is a collagen synthetic product.