NEW YORK (TheStreet) -- Shares of NuVasive (NUVA) - Get Report were sliding 8.24% to $60.04 on heavy trading volume early Wednesday afternoon after the company reported soft revenue for the 2016 third quarter.
After yesterday's closing bell, the San Diego-based medical device company posted revenue of $239.6 million, while analysts had expected $243.5 million.
Adjusted earnings of 40 cents per diluted share met Wall Street's projections.
"While our revenue results for the quarter were lower than our expectations due to capital and stocking orders in the United States that did not come through late in the quarter as planned, we believe this minor disruption is temporary," CEO Gregory Lucier said in a statement.
For 2016, NuVasive sees adjusted earnings of about $1.64 per share on revenue of approximately $952 million. Analysts are looking for earnings $1.65 per share on revenue of $962 million for the full year.
Leerink cut its price target on the stock to $73 from $77, but maintained an "outperform" rating after the results.
"We recommend buying the weakness as we believe the margin expansion story is very much intact and issues behind the 3Q miss/lowered 4Q outlook were well-outlined on the call and should prove isolated/transient," the firm wrote in an analyst note today.
More than 3.25 million of the company's shares traded so far today compared to its average 30-day volume of 745,024 shares.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and solid stock price performance.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: NUVA