Inari Medical (NASDAQ:NARI) Shares Gap Down – Here’s What Happened

Inari Medical, Inc. (NASDAQ:NARI) shares gapped down before the market opened on Thursday . The stock had previously closed at $58.21, but opened at $54.50. Inari Medical shares last traded at $56.50, with a volume of 474,807 shares trading hands.

Analysts Set New Price Targets

Several research firms recently issued reports on NARI. Leerink Partnrs raised shares of Inari Medical to a “hold” rating in a research note on Tuesday, September 3rd. Piper Sandler boosted their price target on Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Robert W. Baird raised their price objective on Inari Medical from $66.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Leerink Partners started coverage on Inari Medical in a report on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 price objective on the stock. Finally, Canaccord Genuity Group increased their target price on Inari Medical from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Inari Medical presently has an average rating of “Hold” and a consensus price target of $58.89.

Inari Medical Stock Performance

The firm has a market capitalization of $3.25 billion, a P/E ratio of -41.18 and a beta of 0.97. The stock has a fifty day moving average price of $48.70 and a two-hundred day moving average price of $47.98.

Insiders Place Their Bets

In related news, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the completion of the transaction, the chief executive officer now owns 445,310 shares in the company, valued at $22,265,500. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William Hoffman sold 40,000 shares of the company’s 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 owns 601,233 shares of the company’s stock, valued at approximately $27,067,509.66. The trade was a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 183,000 shares of company stock valued at $8,855,600 over the last 90 days. 10.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Inari Medical

Several hedge funds and other institutional investors have recently modified their holdings of NARI. Jennison Associates LLC increased its holdings in shares of Inari Medical by 63.2% in the 3rd quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock worth $65,021,000 after acquiring an additional 610,468 shares during the period. Vestal Point Capital LP increased its stake in shares of Inari Medical by 342.9% in the third quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after purchasing an additional 1,200,000 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Inari Medical by 113.3% in the second quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock valued at $71,324,000 after purchasing an additional 786,691 shares during the period. Armistice Capital LLC raised its holdings in shares of Inari Medical by 353.1% during the second quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock valued at $48,595,000 after buying an additional 786,501 shares during the last quarter. Finally, Bamco Inc. NY boosted its position in shares of Inari Medical by 29.5% during the third quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock worth $41,493,000 after buying an additional 228,977 shares during the period. Institutional investors and hedge funds own 90.98% of the company’s stock.

About Inari Medical

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.