Brokerages Anticipate Correvio Pharma Corp (CORV) Will Post Quarterly Sales of $8.40 Million

Equities analysts forecast that Correvio Pharma Corp (NASDAQ:CORV) will post sales of $8.40 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Correvio Pharma’s earnings, with the lowest sales estimate coming in at $7.70 million and the highest estimate coming in at $9.08 million. Correvio Pharma posted sales of $7.00 million during the same quarter last year, which would indicate a positive year over year growth rate of 20%. The firm is scheduled to issue its next earnings results on Tuesday, March 12th.

According to Zacks, analysts expect that Correvio Pharma will report full-year sales of $28.12 million for the current year, with estimates ranging from $27.40 million to $28.81 million. For the next financial year, analysts forecast that the business will report sales of $37.52 million, with estimates ranging from $36.40 million to $38.45 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Correvio Pharma.

Correvio Pharma (NASDAQ:CORV) last issued its quarterly earnings results on Tuesday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). Correvio Pharma had a negative return on equity of 294.35% and a negative net margin of 68.98%. The company had revenue of $7.01 million for the quarter, compared to analyst estimates of $7.55 million.

CORV has been the topic of a number of recent analyst reports. HC Wainwright set a $11.00 price target on Correvio Pharma and gave the stock a “buy” rating in a research note on Thursday, October 25th. B. Riley initiated coverage on Correvio Pharma in a research note on Tuesday, December 4th. They set a “buy” rating and a $7.00 price target on the stock. Finally, Mackie raised Correvio Pharma from a “hold” rating to a “buy” rating in a research note on Friday, October 12th.

Shares of Correvio Pharma stock remained flat at $$2.15 during trading hours on Friday. The company’s stock had a trading volume of 38,688 shares, compared to its average volume of 116,950. Correvio Pharma has a one year low of $1.31 and a one year high of $5.24. The stock has a market cap of $79.62 million, a price-to-earnings ratio of -2.39 and a beta of 0.28. The company has a current ratio of 4.05, a quick ratio of 3.46 and a debt-to-equity ratio of 4.02.

Several hedge funds have recently added to or reduced their stakes in CORV. Worth Venture Partners LLC acquired a new stake in shares of Correvio Pharma during the 3rd quarter worth $173,000. Royce & Associates LP acquired a new stake in shares of Correvio Pharma during the 3rd quarter worth $1,025,000. ARS Investment Partners LLC acquired a new stake in shares of Correvio Pharma during the 3rd quarter worth $1,121,000. Renaissance Technologies LLC increased its holdings in shares of Correvio Pharma by 22.1% during the 3rd quarter. Renaissance Technologies LLC now owns 739,248 shares of the company’s stock worth $2,972,000 after buying an additional 133,825 shares during the last quarter. Finally, Putnam Investments LLC acquired a new stake in shares of Correvio Pharma during the 2nd quarter worth $11,688,000. Institutional investors and hedge funds own 45.88% of the company’s stock.

About Correvio Pharma

Correvio Pharma Corp., a specialty pharmaceutical company, provides various products to meet the needs of acute care physicians and patients worldwide. It develops, acquires, and commercializes various brands for the in-hospital acute care market segment. The company's portfolio of marketed brands include Xydalba (dalbavancin hydrochloride) for the treatment of acute bacterial skin and skin structure infections; Zevtera/Mabelio (ceftobiprole medocaril sodium), a cephalosporin antibiotic for the treatment of community and hospital-acquired pneumonia; and Brinavess (vernakalant IV) for the rapid conversion of recent onset atrial fibrillation to sinus rhythm.

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