Leerink Partnrs Downgrades 908 Devices (NASDAQ:MASS) to Hold

908 Devices (NASDAQ:MASS) was downgraded by investment analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other research firms also recently commented on MASS. Stifel Nicolaus decreased their target price on shares of 908 Devices from $17.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday. Leerink Partners reissued a “market perform” rating and set a $4.00 target price (down from $12.00) on shares of 908 Devices in a research report on Wednesday.

908 Devices Price Performance

NASDAQ:MASS opened at $2.34 on Wednesday. The firm has a 50-day moving average of $3.47 and a 200-day moving average of $4.70. The company has a market cap of $81.10 million, a PE ratio of -1.32 and a beta of 0.98. 908 Devices has a one year low of $2.33 and a one year high of $12.51.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in 908 Devices by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 69,550 shares of the company’s stock worth $358,000 after purchasing an additional 4,212 shares during the last quarter. 49 Wealth Management LLC boosted its stake in 908 Devices by 16.2% in the third quarter. 49 Wealth Management LLC now owns 31,099 shares of the company’s stock valued at $108,000 after acquiring an additional 4,343 shares during the last quarter. American Century Companies Inc. boosted its stake in 908 Devices by 18.6% in the second quarter. American Century Companies Inc. now owns 33,718 shares of the company’s stock valued at $174,000 after acquiring an additional 5,295 shares during the last quarter. Vanguard Group Inc. boosted its stake in 908 Devices by 0.4% in the first quarter. Vanguard Group Inc. now owns 1,751,102 shares of the company’s stock valued at $13,221,000 after acquiring an additional 6,772 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new position in 908 Devices in the second quarter valued at about $48,000. 88.06% of the stock is currently owned by hedge funds and other institutional investors.

908 Devices Company Profile

908 Devices Inc, a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, pharma/biopharma, forensics, and adjacent markets. The company's products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of solid, liquid, vapor, and aerosol materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and Maverick, an optical in-line analyzer that offers real-time monitoring and control of multiple bioprocess parameters, including glucose, lactate, and total biomass in mammalian cell cultures, as well as provides process fingerprint data to support large-scale efforts in predictive bioprocess modeling.