ConforMIS jumps on analyst’s upgrade

ConforMIS (NSDQ:CFMS) shares closed up more than 12% yesterday after a BTIG analyst upgraded his rating on the company, which makes customized knee and hip implants.

BTIG’s Ryan Zimmerman raised his rating on CFMS shares from “neutral” to”buy,” setting a price target of $4 per share. Of the 10 analysts covering the stock, six have set “buy” ratings and four have the shares on “hold,” with price targets ranging from $28 to Zimmerman’s $4.

Investors reacted to the upgrade by sending CFMS shares up 12.3% to a $2.56 close yesterday on heavy volume, after the stock peaking at $2.69. More than 1 million shares traded hands yesterday, compared with average volume of nearly 275,000 shares.

Billerica, Mass.-based ConforMIS gave back some of that gain today in late-morning trading, sliding-2.7% to $2.49 per share as of about 11:15am. The stock is off -24.0% this year.

The company uses computed tomography joint scans to create implants and instruments customized to each patient’s unique anatomy. ConforMIS, which paid $6.5 million for the machining and polishing assets of Broad Peak Manufacturing in August, won 510(k) clearance from the FDA for the iTotal Hip replacement system in June.

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