RBC Capital assumed coverage on LDR shares earlier this week, according to a WatchList News report.
On June 18, LDR Executive Vice President and CFO Robert McNamara sold 40,000 shares of LDR stock; earlier this year Executive Vice President, General Manager Patrick Richard sold 151,000 shares of the company's stock in an open market transaction. Here are five things to know about RBC Capital's new assumed coverage:
1. RBC Capital set a price target of $34.00 on the stock and rated it "outperform." This price indicates potential upside of 29.9 percent from the stock's previous close, according to the report.
2. LDR's 52-week low is $17.79; the 52-week high is $40.39 with a moving average of $24.43. The company proposed an initial public offering in September 2013 and raised $75 million at that time. A second public offering was extended in April for 1.3 million shares sold at $27.90, resulting in $32.1 million in capital.
Piper Jaffray & Co., and William Blair and Company acted as joint book-running managers for the offering. Cowen and Company and RBC Capital Markets acted as co-lead managers with JMP Securities, Stephens Inc., and Bryan, Garnier & Co., as co-managers.
3. Market cap for LDR is $670.1 million currently. This is up from last week when Mr. McNamara sold his shares. At that time, the LDR's market cap was at $634.7 million. On June 25, LDR stock opened at $26.27 and revenue per employee was $341.627. Earlier this year, both Pipar Jaffary and JMP Securities raised LDR price and rated the company as "outperform."
4. When Mr. McNamara sold his shares earlier this month, he received $986,000 with an individual share price of $24.65. Mr. Richard's shares were sold at $24.50 for a total transaction topping $3.6 million.
5. The company's first quarter financial report showed a net loss of $3.5 million while revenue reached $31.1 million. Gross profit in the first quarter of the year was $25.8 million. "Our exclusive technology products grew at a strong rate again this quarter, aided by the availability of Mobi-C in the U.S. market, and higher revenues in both our cervical and lumbar product lines," said Christophe Lavigne, president and CEO. "We were very pleased that the American Medical Association granted a Category 1 CPT code for two-level cervical disc replacement, effective January 1, 2015."
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