Canaccord Genuity Group Cuts STAAR Surgical (NASDAQ:STAA) Price Target to $17.00

STAAR Surgical (NASDAQ:STAA) had its target price decreased by Canaccord Genuity Group from $28.00 to $17.00 in a research report sent to investors on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the medical instruments supplier’s stock.

Other equities research analysts have also issued research reports about the stock. Stephens restated an “equal weight” rating and set a $28.00 price target on shares of STAAR Surgical in a research note on Wednesday. Mizuho lowered STAAR Surgical from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $45.00 to $17.00 in a research note on Wednesday. Stifel Nicolaus cut their price target on STAAR Surgical from $38.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research note on Wednesday. Finally, Piper Sandler cut their target price on shares of STAAR Surgical from $40.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, STAAR Surgical has a consensus rating of “Hold” and a consensus target price of $26.86.

STAAR Surgical Stock Performance

NASDAQ STAA opened at $15.96 on Thursday. The company has a market capitalization of $786.51 million, a PE ratio of 36.27 and a beta of 0.62. STAAR Surgical has a 52-week low of $13.50 and a 52-week high of $52.68. The company has a 50-day simple moving average of $23.57 and a 200 day simple moving average of $29.15.

Insider Transactions at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. purchased 23,000 shares of STAAR Surgical stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average cost of $24.33 per share, for a total transaction of $559,590.00. Following the transaction, the insider now directly owns 10,848,631 shares of the company’s stock, valued at approximately $263,947,192.23. This trade represents a 0.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have bought 105,876 shares of company stock valued at $2,487,168. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On STAAR Surgical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its holdings in shares of STAAR Surgical by 12.7% in the 3rd quarter. Van ECK Associates Corp now owns 3,478 shares of the medical instruments supplier’s stock valued at $129,000 after acquiring an additional 393 shares in the last quarter. Creative Planning increased its position in shares of STAAR Surgical by 8.0% in the third quarter. Creative Planning now owns 5,524 shares of the medical instruments supplier’s stock worth $205,000 after purchasing an additional 408 shares during the last quarter. LMR Partners LLP raised its stake in STAAR Surgical by 2.2% in the third quarter. LMR Partners LLP now owns 34,712 shares of the medical instruments supplier’s stock valued at $1,290,000 after purchasing an additional 743 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in STAAR Surgical during the third quarter valued at approximately $37,000. Finally, Quarry LP purchased a new position in STAAR Surgical in the 3rd quarter worth approximately $50,000. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.