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

Shares of 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 traded. The stock had previously closed at $65.00.

Other research analysts have also recently issued reports about the company. Truist Financial upped their price objective on Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Robert W. Baird reaffirmed a “neutral” rating and issued a $80.00 price target (down previously from $81.00) 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. Stifel Nicolaus assumed coverage on shares of Inari Medical in a research note on Tuesday, September 17th. They set a “hold” rating and a $50.00 price target on the stock. Finally, Oppenheimer started coverage on shares of Inari Medical in a report on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 target price on the stock. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $66.50.

Insider Activity

In other Inari Medical news, Director William Hoffman sold 40,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $45.02, for a total value of $1,800,800.00. Following the transaction, the director now directly owns 601,233 shares in the company, valued at approximately $27,067,509.66. This trade represents a 6.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.29, for a total value of $165,870.00. Following the completion of the transaction, the chief executive officer now directly owns 439,310 shares in the company, valued at approximately $24,289,449.90. This trade represents a 0.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 206,000 shares of company stock worth $10,527,870. Corporate insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC raised 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 valued at $65,021,000 after acquiring an additional 610,468 shares during the period. Vestal Point Capital LP increased 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 valued at $63,922,000 after buying an additional 1,200,000 shares during the period. Point72 Asset Management L.P. lifted its stake in 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 worth $71,324,000 after purchasing an additional 786,691 shares during the last quarter. Armistice Capital LLC grew its position in Inari Medical by 353.1% in the second 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 during the last quarter. Finally, Bamco Inc. NY lifted its stake in Inari Medical by 29.5% in the 3rd quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock valued at $41,493,000 after purchasing an additional 228,977 shares during the last quarter. Institutional investors own 90.98% of the company’s stock.

Inari Medical Stock Performance

The company has a market cap of $4.64 billion, a price-to-earnings ratio of -58.73 and a beta of 0.97. The company has a fifty day moving average of $52.24 and a two-hundred day moving average 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.