CeriBell (NASDAQ:CBLL) Stock Price Down 5.7% – Here’s Why

CeriBell (NASDAQ:CBLL)’s stock price dropped 5.7% during mid-day trading on Wednesday . The company traded as low as $22.14 and last traded at $21.92. Approximately 33,489 shares traded hands during trading, a decline of 83% from the average daily volume of 201,986 shares. The stock had previously closed at $23.23.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CBLL shares. Canaccord Genuity Group reissued a “buy” rating and issued a $33.00 price target on shares of CeriBell in a report on Wednesday, February 26th. TD Cowen increased their target price on shares of CeriBell from $31.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $32.60.

CeriBell Price Performance

The stock has a 50 day moving average price of $22.80.

CeriBell (NASDAQ:CBLL) last announced its earnings results on Tuesday, February 25th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.08). The business had revenue of $18.53 million for the quarter, compared to the consensus estimate of $17.55 million. As a group, sell-side analysts anticipate that CeriBell will post -2.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CBLL. Legal & General Group Plc acquired a new stake in CeriBell during the 4th quarter worth about $32,000. Summit Investment Advisors Inc. purchased a new stake in shares of CeriBell in the fourth quarter worth approximately $33,000. Tower Research Capital LLC TRC acquired a new stake in shares of CeriBell during the fourth quarter worth approximately $37,000. BNP Paribas Financial Markets purchased a new position in CeriBell during the fourth quarter valued at approximately $43,000. Finally, PNC Financial Services Group Inc. acquired a new position in CeriBell in the 4th quarter valued at approximately $47,000.

About CeriBell

We are a commercial-stage medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. We have developed the Ceribell System, a novel, point-of-care electroencephalography (“EEG”) platform specifically designed to address the unmet needs of patients in the acute care setting.