On the fly News and insights, exclusive to thefly.com

INGN

Inogen

$136.85

-5.36 (-3.77%)

10:47
02/12/19
02/12
10:47
02/12/19
10:47

Inogen sinks 5% after Citron claims elder abuse, puts $46 target on shares

Citron Research, in a research note posted on its website, contends that Inogen "has conspired with the reseller network to dominate Google listings and used tactics to deceive the sick elderly." Further, the short-selling research firm claims to expose that the "top reseller of Inogen products is secretly controlled by a convicted felon who was recently released after 5 years in federal prison for deceptive internet marketing practices." The firm explained, "Through a 4 month investigation and numerous conversations with Inogen reps, Citron believes that these multiple sales reps steer Medicare patients away from enforcing their benefits through evasive and deceptive tactics ." How can a company who sells portable oxygen concentrators to the elderly only get a mid-single digit percentage of its sales from Medicare, Citron asks. "By pushing a carefully crafted pitch to distributors that is both unethical and often illegal and is designed to deceive the sick and elderly," it answers. The firm put a $46 price target on shares of Inogen. Carson Block's Muddy Waters Research, in a new report on its website last week, said it was short Inogen because it believes management has "created an egregiously false narrative about the Total Addressable Market size and growth." The firm also put a $46 downside target on Inogen. The shares in morning trading are down 5%, or $6.82, to $135.38. Reference Link

  • 06

    Mar

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.