Modular Medical (OTC:MODD) Shares Down 6%

Modular Medical, Inc. (OTC:MODD – Get Rating) fell 6% during mid-day trading on Tuesday . The stock traded as low as $2.04 and last traded at $2.04. 2,808 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 5,278 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Separately, Benchmark reduced their target price on shares of Modular Medical from $8.00 to $5.00 and set a “speculative buy” rating for the company in a research note on Monday, January 30th.

Modular Medical Stock Down 6.0 %

The company has a market cap of $22.30 million, a P/E ratio of -1.38 and a beta of 0.30. The company’s 50-day moving average is $2.43 and its two-hundred day moving average is $3.05.

Institutional Investors Weigh In On Modular Medical

A hedge fund recently raised its stake in Modular Medical stock. Opaleye Management Inc. lifted its position in Modular Medical, Inc. (OTC:MODD – Get Rating) by 3.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 275,422 shares of the company’s stock after buying an additional 9,322 shares during the quarter. Opaleye Management Inc. owned approximately 2.52% of Modular Medical worth $1,427,000 at the end of the most recent quarter. Institutional investors and hedge funds own 14.67% of the company’s stock.

About Modular Medical

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Modular Medical, Inc, a development stage medical device company, focuses on the design, development, and commercialization of insulin pumps using technology to enhance pump adoption in the diabetes marketplace. The company is headquartered in San Diego, California.