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Conmed (CNMD) Received its Third Buy in a Row

After Piper Sandler and Stifel Nicolaus gave Conmed (NYSE: CNMD) a Buy rating last month, the company received another Buy, this time from J.P. Morgan. Analyst Robbie Marcus maintained a Buy rating on Conmed yesterday and set a price target of $120.00. The company’s shares closed last Thursday at $99.62.

According to TipRanks.com, Marcus is a 4-star analyst with an average return of 8.6% and a 49.3% success rate. Marcus covers the Healthcare sector, focusing on stocks such as Bausch + Lomb Corporation, Baxter International, and Edwards Lifesciences.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Conmed with a $121.67 average price target, implying a 22.7% upside from current levels. In a report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $118.00 price target.

See today’s best-performing stocks on TipRanks >>

Conmed’s market cap is currently $2.94B and has a P/E ratio of -25.12.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CNMD in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

CONMED Corp. operates as a medical technology company, which engages in the development, manufacture and sale of surgical devices and related equipment. It operates through the following geographical segments: United States; Americas excluding the United States; Europe, Middle East, and Africa; and Asia Pacific. Its product lines also include orthopedic surgey and general surgery. The company was founded by Eugene R. Corasanti in 1970 and is headquartered in Utica, NY.

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