CVRx (NASDAQ:CVRX) Earns “Buy” Rating from Canaccord Genuity Group

CVRx (NASDAQ:CVRX)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a report issued on Tuesday,Benzinga reports. They currently have a $10.00 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 20.92% from the company’s previous close.

CVRX has been the topic of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of CVRx in a report on Monday, December 29th. Cantor Fitzgerald upgraded shares of CVRx to a “strong-buy” rating in a research report on Tuesday, February 17th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, CVRx has an average rating of “Moderate Buy” and an average price target of $10.50.

CVRx Price Performance

NASDAQ:CVRX traded up $0.46 during midday trading on Tuesday, hitting $8.27. 32,672 shares of the stock were exchanged, compared to its average volume of 341,848. CVRx has a one year low of $4.30 and a one year high of $11.30. The company has a market capitalization of $217.58 million, a price-to-earnings ratio of -4.00 and a beta of 1.16. The business has a 50-day moving average price of $7.60 and a two-hundred day moving average price of $8.19. The company has a current ratio of 7.63, a quick ratio of 6.72 and a debt-to-equity ratio of 1.26.

CVRx (NASDAQ:CVRX) last announced its earnings results on Thursday, February 12th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.04). CVRx had a negative return on equity of 99.32% and a negative net margin of 94.10%.The firm had revenue of $16.02 million for the quarter, compared to the consensus estimate of $15.75 million. Sell-side analysts predict that CVRx will post -1.91 EPS for the current year.

Insider Transactions at CVRx

In other CVRx news, Director Mudit K. Jain purchased 46,800 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $6.36 per share, for a total transaction of $297,648.00. Following the completion of the transaction, the director owned 980,183 shares in the company, valued at $6,233,963.88. This represents a 5.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 18.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in CVRx by 1.2% in the third quarter. Vanguard Group Inc. now owns 1,090,226 shares of the company’s stock worth $8,798,000 after buying an additional 12,948 shares during the last quarter. GSK plc purchased a new position in CVRx during the 4th quarter worth approximately $7,154,000. Balyasny Asset Management L.P. grew its position in CVRx by 17.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 814,943 shares of the company’s stock worth $5,786,000 after purchasing an additional 118,683 shares in the last quarter. Geode Capital Management LLC grew its position in CVRx by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 382,437 shares of the company’s stock worth $2,249,000 after purchasing an additional 23,079 shares in the last quarter. Finally, Marshall Wace LLP grew its position in CVRx by 238.1% during the 2nd quarter. Marshall Wace LLP now owns 350,080 shares of the company’s stock worth $2,058,000 after purchasing an additional 246,548 shares in the last quarter. Institutional investors and hedge funds own 75.27% of the company’s stock.

CVRx Company Profile

CVRx, Inc is a clinical-stage medical device company focused on developing a neuromodulation platform therapy for patients with cardiovascular disease. The company’s flagship product, the Barostim™ system, delivers targeted electrical stimulation to the carotid baroreceptors with the goal of modulating the body’s natural blood pressure control mechanisms. This minimally invasive, implantable therapy is designed to address unmet needs in individuals suffering from hypertension and heart failure.

The Barostim system is currently being evaluated in multiple clinical trials, including studies in resistant hypertension and advanced heart failure.