What Happened?
Shares of medical device company Globus Medical (NYSE: GMED) jumped 2.7% in the afternoon session after several analyst firms raised their price targets, reflecting a positive outlook on the medical technology company's stock.
Among the positive revisions, Canaccord Genuity increased its price target on Globus Medical to $105 from $90. In a similar move, RBC Capital lifted its target to $100 from a previous $92. These adjustments followed other optimistic analyst actions from earlier in the month, contributing to a bullish sentiment. The stock's performance also showed technical strength, as it traded above its 50-day and 200-day moving averages, a pattern that can indicate positive investor momentum.
After the initial pop the shares cooled down to $89.62, up 2.9% from previous close.
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What Is The Market Telling Us
Globus Medical’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 4 days ago when the stock gained 2.6% on the news that RBC Capital raised its price target on the stock to $100 from $92, while keeping an "Outperform" rating. The new target represented an 8.7% increase. The positive sentiment was also supported by developments in the company's clinical trials.
Globus Medical is up 9.5% since the beginning of the year, and at $89.62 per share, it is trading close to its 52-week high of $93.32 from January 2025. Investors who bought $1,000 worth of Globus Medical’s shares 5 years ago would now be looking at an investment worth $1,372.
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