Shares of Bioventus Inc. surged 8.36% on Tuesday, November 6, 2024, following the company's better-than-expected third-quarter earnings results and increased bullishness from analysts on Wall Street.
According to Bioventus's earnings report for the quarter ended September 30, 2024, the medical device company reported adjusted earnings per share of $0.06, exceeding analysts' consensus estimate of $0.03. Revenue rose 15% year-over-year to $138.96 million, also beating expectations of $133.23 million. However, the company reported a net loss of $4.82 million for the quarter.
Separately, in a research roundup published on November 6, Canaccord Genuity raised its price target on Bioventus to $15 from $12, reflecting increased optimism about the company's prospects. The current average analyst rating on the stock is "hold," with 2 "buy" ratings, no "holds," and 1 "sell" rating.
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