Polarityte (NASDAQ:PTE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Polarityte (NASDAQ:PTE) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “PolarityTE, Inc. creates regenerative medicine and provides tissue engineering platform. It develops and obtains regulatory approval for technology which utilizes a patient’s own tissue substrates for regeneration of skin, bone, muscle, cartilage and nerves. The product pipeline comprises SkinTE, OsteoTE, AngioTE, MyoTE, CarteTE, AdiposeTE and NeuralTE. PolarityTE, Inc., formerly known as Majesco Entertainment Company, is headquatered in Salt lake City, Utah. “

A number of other equities analysts also recently issued reports on PTE. Oppenheimer lowered their price objective on Polarityte from $24.00 to $14.00 and set an outperform rating for the company in a research report on Friday, August 9th. HC Wainwright assumed coverage on Polarityte in a research note on Monday, July 8th. They set a buy rating and a $8.00 target price for the company. National Securities decreased their target price on Polarityte from $5.00 to $3.00 and set a sell rating for the company in a research note on Monday, May 13th. Northland Securities set a $50.00 target price on Polarityte and gave the stock a buy rating in a research note on Friday, May 10th. Finally, ValuEngine raised Polarityte from a hold rating to a buy rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $25.28.

Shares of PTE opened at $4.70 on Wednesday. Polarityte has a 1 year low of $3.84 and a 1 year high of $30.88. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.72 and a quick ratio of 5.55. The company has a market capitalization of $118.28 million, a price-to-earnings ratio of -0.97 and a beta of 1.41. The business has a 50-day moving average of $5.05 and a 200-day moving average of $8.94.

Polarityte (NASDAQ:PTE) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.92) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.05) by $0.13. The company had revenue of $1.32 million for the quarter, compared to the consensus estimate of $1.57 million. During the same quarter last year, the business earned ($0.74) earnings per share. Polarityte’s revenue was up 312.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Polarityte will post -4.14 EPS for the current year.

In related news, CFO Paul Elliot Mann bought 35,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were bought at an average price of $5.33 per share, for a total transaction of $186,550.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steve Gorlin sold 53,700 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $5.94, for a total value of $318,978.00. The disclosure for this sale can be found here. Insiders bought 54,000 shares of company stock worth $293,680 in the last 90 days. Corporate insiders own 43.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. FMR LLC bought a new stake in Polarityte during the first quarter worth $24,884,000. William Blair Investment Management LLC bought a new stake in Polarityte during the second quarter worth $2,835,000. Advisor Group Inc. bought a new stake in Polarityte during the first quarter worth $2,242,000. BlackRock Inc. lifted its holdings in Polarityte by 24.9% during the second quarter. BlackRock Inc. now owns 988,361 shares of the company’s stock worth $5,634,000 after acquiring an additional 196,956 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Polarityte by 22.1% during the second quarter. Vanguard Group Inc. now owns 632,559 shares of the company’s stock worth $3,606,000 after acquiring an additional 114,413 shares during the period. Institutional investors own 41.87% of the company’s stock.

About Polarityte

PolarityTE, Inc, a biotechnology and regenerative biomaterials company, focuses on discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine and Contract Services.

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