May 22, 2023 – Envestnet Asset Management Inc., a leading asset management firm, made headlines today as it disclosed that it had sold off a significant portion of its stake in TransMedics Group Inc. (NASDAQ:TMDX). According to the company’s most recent 13F filing with the Securities and Exchange Commission (SEC), Envestnet Asset Management Inc. reduced its holdings in TransMedics Group by 21.9% during the fourth quarter of the previous fiscal year.
As of the end of the reporting period, Envestnet Asset Management Inc. owned only 28,232 shares of TransMedics Group worth $1,742,000. This amount was significantly lower than their previous holdings as they sold off a total of 7,927 shares during the quarter. However, despite this reduction in stake, their ownership still represented around 0.09% of TransMedics Group’s total market value.
TransMedics Group is a commercial stage medical technology company known for developing and commercializing organ care system platforms that are focused on preserving human organs for transplant in near-physiologic conditions. This technology aims to address the limitations associated with traditional cold storage organ preservation techniques.
Shares of TMDX opened at $72.44 on Monday with a market cap of $2.36 billion and price-to-earnings ratio of -76.25 and beta rating of 1.44 indicating moderate volatility based on historical data analysis. The stock hit its lowest point in the last twelve months at $24.01 before reaching its all-time high mark at $90.15 earlier this year.
In conclusion, while Envestnet Asset Management Inc.’s decision to sell some shares may be indicative of bearish sentiment towards TransMedics Group’s long-term prospects among some investors; others may view this development simply as an opportunity to gain exposure to one of the most promising startups in the health-tech arena. It remains to be seen how this news will impact the overall sentiment towards TMDX; nevertheless, it is a crucial development that merits close attention from investors and market analysts alike.
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TransMedics Group’s Volatile Market Performance and Leadership Changes Amidst Investor Stakes and Positive Q1 Earnings Report
TransMedics Group, a commercial stage medical technology firm specializing in the development and commercialization of organ care system platforms, has seen the addition and reduction of stakes in the company from various investors recently. Both Oakworth Capital Inc. and MinichMacGregor Wealth Management LLC made purchases in their fourth-quarter worth $25,000 and $42,000 respectively, whilst MCF Advisors LLC acquired a new stake valued at around $43,000. Shares owned by Royal Bank of Canada also grew with its stake increasing by 643%, as did that of Tower Research Capital LLC TRC which saw shares rise by 125.4%. Currently, institutional investors and hedge funds own over 88% of the company’s stock.
However, TransMedics Group has seen some changes made to its leadership team with insiders selling shares worth over $10 million in just ninety days. CEO Waleed H. Hassanein sold a total of 37,827 shares at an average price of $73.65 on February 23rd bringing in just under $2.8 million while employee Tamer I. Khayal sold his stock for roughly the same amount a few days later.
Despite this volatility on the exchange floor – share prices rose yesterday after TransMedics reported earnings for Q1 2023 which beat estimates significantly – close to an unexpected quarter loss but still well below expectations; with losses per share coming in at -$0.08 rather than an anticipated -$0.25. This brings further optimism that the growth trajectory set up by this commercial-stage medtech company will continue to uplift investors’ portfolios moving forward.
Analysts have been keeping a watchful eye on TransMedics Group’s recent market performances and given it positive ratings within their reports citing growth potential into Q3-Q4 achieving moderate estimates of approximately $72-90 per share based on average pricing targets outlined across six industry analysts according to data from Bloomberg.
