Outset Medical, Inc. (NASDAQ:OM) has received an average recommendation of “Moderate Buy” from five analysts currently covering the stock, according to MarketBeat Ratings. The varied assessments include one sell rating, one hold rating, two buy ratings, and one strong buy rating, demonstrating a mix of confidence among market analysts regarding the company’s future performance.
The average target price over the next twelve months stands at approximately $12.67. This figure reflects the consensus from brokerages that have analyzed the stock over the past year.
Analyst Ratings and Price Targets
Recent analyses have highlighted differing perspectives on Outset Medical’s market position. The Royal Bank of Canada recently reaffirmed a “sector perform” rating, setting a price objective of $7.00 in a report released on December 17, 2023. In contrast, Wall Street Zen upgraded the stock from a “sell” rating to a “hold” on December 13, 2023.
Further evaluations include a “sell (e+)” rating from Weiss Ratings, reported on December 29, 2023, while Stifel Nicolaus set a more optimistic target of $14.00 with a “buy” rating noted in their analysis on November 11, 2023. BTIG Research also maintained a “buy” rating, with a target set at $17.00 as of December 16, 2023.
Institutional Investment Trends
In addition to analyst recommendations, institutional activity surrounding Outset Medical has also shown notable developments. Several hedge funds have recently adjusted their positions in the company. For instance, Legal & General Group Plc acquired a new stake valued at approximately $34,000 during the second quarter. Similarly, Ameritas Investment Partners Inc. invested around $35,000 in Outset Medical shares during the same period.
Furthermore, BNP Paribas Financial Markets significantly increased its holdings by 7,013.8%, owning 2,063 shares worth about $40,000 after purchasing an additional 2,034 shares. The Police & Firemen’s Retirement System of New Jersey and the New York State Common Retirement Fund also made new investments of approximately $78,000 and $108,000, respectively.
Outset Medical specializes in medical technology innovations for renal care, with its flagship product, the Tablo Hemodialysis System. This device aims to simplify dialysis treatment in both acute and outpatient settings by integrating essential functions such as water purification and treatment monitoring into one system. The modular design of Tablo allows for quick setup and adaptability in various healthcare environments, enhancing the efficiency of hemodialysis therapy.
As interest in Outset Medical continues to grow, the combination of analyst recommendations and institutional investment reflects a developing narrative around the company’s potential in the healthcare sector.
