Wells Fargo & Co Cuts Nevro (NVRO) Price Target to $50.00

Nevro (NYSE:NVRO) had its price objective reduced by Wells Fargo & Co from $62.00 to $50.00 in a research report released on Tuesday morning, The Fly reports. Wells Fargo & Co currently has a market perform rating on the medical equipment provider’s stock.

A number of other research firms have also weighed in on NVRO. Zacks Investment Research lowered Nevro from a hold rating to a sell rating in a research note on Tuesday, July 10th. JPMorgan Chase & Co. reiterated a buy rating on shares of Nevro in a research note on Wednesday, July 11th. ValuEngine upgraded Nevro from a strong sell rating to a sell rating in a research note on Tuesday, August 7th. BMO Capital Markets reduced their price objective on Nevro from $80.00 to $76.00 and set an outperform rating for the company in a research note on Monday, August 6th. Finally, Bank of America reduced their price objective on Nevro from $102.00 to $77.00 and set a buy rating for the company in a research note on Tuesday, July 17th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $64.11.

Shares of NYSE NVRO traded down $1.13 during trading on Tuesday, reaching $41.92. 870,781 shares of the company traded hands, compared to its average volume of 824,902. The firm has a market capitalization of $1.25 billion, a P/E ratio of -33.54 and a beta of -0.29. Nevro has a 12-month low of $35.41 and a 12-month high of $94.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.29 and a current ratio of 8.05.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Monday, November 5th. The medical equipment provider reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.07). The company had revenue of $95.60 million for the quarter, compared to analysts’ expectations of $94.29 million. Nevro had a negative net margin of 11.64% and a negative return on equity of 17.89%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.21) EPS. As a group, analysts forecast that Nevro will post -1.49 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in NVRO. UBS Group AG increased its stake in shares of Nevro by 38.0% in the 1st quarter. UBS Group AG now owns 5,479 shares of the medical equipment provider’s stock valued at $474,000 after purchasing an additional 1,509 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Nevro by 69.7% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,432 shares of the medical equipment provider’s stock valued at $210,000 after purchasing an additional 999 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Nevro by 65.0% in the 1st quarter. Royal Bank of Canada now owns 7,702 shares of the medical equipment provider’s stock valued at $666,000 after purchasing an additional 3,035 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new position in shares of Nevro in the 1st quarter valued at about $300,000. Finally, Peregrine Capital Management LLC increased its stake in shares of Nevro by 2.8% in the 2nd quarter. Peregrine Capital Management LLC now owns 372,318 shares of the medical equipment provider’s stock valued at $29,730,000 after purchasing an additional 10,019 shares in the last quarter.

About Nevro

Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.

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