Alphatec price target lowered to $16 from $19 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on Alphatec to $16 from $19 and keeps an Overweight rating on the shares after the company reported full Q3 results, which beat expectations pretty much across the board. Management also raised full year guidance by more than the beat in the quarter. More importantly, the company discussed, in great detail, the reason for the recent capital raise and the need to acutely take advantage of the current situation in spine. Piper understands investor frustration with the timing of the raise, but it can see the behemoth within the large spine market that Alphatec is building, so the firm encourages investors “to give management somewhat of a pass on the timing here.”