Outset Medical, Inc. (NASDAQ:OM) has received an average recommendation of “Moderate Buy” from five analysts currently monitoring the stock, according to a report from MarketBeat Ratings. The analysts’ ratings include one “sell,” one “hold,” two “buy,” and one “strong buy” designation, reflecting a mixed outlook on the company’s future performance.
The average target price set by these brokerages over the past year is $12.67. Among the recent analyses, several notable ratings have emerged. The Royal Bank of Canada reaffirmed a “sector perform” rating with a price objective of $7.00 on December 17, 2023. In a contrasting move, Wall Street Zen upgraded Outset Medical from a “sell” to a “hold” rating on December 13, 2023.
On December 29, 2023, Weiss Ratings maintained a “sell (e+)” rating for the stock, while Stifel Nicolaus set a target price of $14.00 and a “buy” rating on November 11, 2023. Lastly, BTIG Research reaffirmed a “buy” rating and established a price target of $17.00 on December 16, 2023.
Institutional Investment Activity
Recent trading activity indicates growing interest from institutional investors in Outset Medical. Several hedge funds have either acquired or adjusted their positions in the company. Notably, Legal & General Group Plc purchased a new stake valued at approximately $34,000 during the second quarter. Similarly, Ameritas Investment Partners Inc. acquired a new stake worth around $35,000.
Furthermore, BNP Paribas Financial Markets significantly increased its position in Outset Medical by an astonishing 7,013.8% during the same period, now holding 2,063 shares valued at $40,000 after acquiring an additional 2,034 shares. The Police & Firemen’s Retirement System of New Jersey also bought a new stake, estimated at approximately $78,000, while the New York State Common Retirement Fund invested about $108,000 in Outset Medical during the second quarter.
Innovations in Renal Care
Outset Medical operates in the medical technology sector, focusing on advancements in renal care. The company is best known for its flagship product, the Tablo Hemodialysis System. This innovative device aims to simplify and streamline dialysis treatment across various settings, including hospitals and outpatient facilities.
The Tablo system integrates water purification, dialysate production, and treatment monitoring into a single unit. This approach is designed to reduce the complexity and logistical challenges typically associated with hemodialysis therapy. Its modular design facilitates quick setup and flexible deployment in diverse environments, ranging from clinics to emergency response scenarios.
As Outset Medical continues to attract analyst attention and institutional investment, its performance and innovations in renal care will be closely monitored by market participants.
