Bioventus (NYSE:BVS) Shares Gap Up - Here's Why

Bioventus Inc. (NYSE:BVS - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $11.15, but opened at $11.40. Bioventus shares last traded at $11.03, with a volume of 42,701 shares changing hands.

Wall Street Analyst Weigh In

BVS has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Bioventus from an "underweight" rating to a "neutral" rating and upped their price target for the stock from $12.00 to $13.00 in a research note on Tuesday. Canaccord Genuity Group raised their price target on shares of Bioventus from $12.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, Craig Hallum lifted their target price on Bioventus from $12.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, September 27th.

Bioventus Stock Performance

The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.99 and a current ratio of 1.41. The firm has a market cap of $904.88 million, a price-to-earnings ratio of -18.28 and a beta of 0.79. The business's 50 day moving average price is $12.07 and its 200-day moving average price is $9.62.

Bioventus (NYSE:BVS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.06. The business had revenue of $138.96 million for the quarter, compared to analyst estimates of $132.57 million. Bioventus had a positive return on equity of 15.61% and a negative net margin of 7.11%. During the same period in the prior year, the company posted $0.05 EPS. Equities analysts expect that Bioventus Inc. will post 0.41 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Bioventus by 38.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 390,162 shares of the company's stock worth $4,662,000 after acquiring an additional 109,359 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Bioventus by 100.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 117,496 shares of the company's stock valued at $676,000 after acquiring an additional 58,954 shares during the period. Rhumbline Advisers increased its holdings in shares of Bioventus by 5,367.9% during the second quarter. Rhumbline Advisers now owns 52,437 shares of the company's stock valued at $302,000 after purchasing an additional 51,478 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Bioventus during the 3rd quarter valued at about $4,515,000. Finally, Point72 Asset Management L.P. bought a new stake in Bioventus during the third quarter worth approximately $788,000. 62.94% of the stock is currently owned by institutional investors.

Bioventus Company Profile

Bioventus Inc, a medical device company, focuses on developing and commercializing treatments that engage and enhance the body's natural healing process in the United States and internationally. The company's product portfolio includes pain treatments, which comprise non-surgical pain injection therapies, as well as peripheral nerve stimulation products, such as Durolane, GELSYN-3, and SUPARTZ for the treatment of knee osteoarthritis and Stimrouter to treat chronic peripheral pain.