Wall Street Zen downgraded shares of CVRx (NASDAQ:CVRX – Free Report) from a hold rating to a sell rating in a research note released on Sunday morning,Wall Street Zen reports.
A number of other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald cut their price objective on shares of CVRx from $13.00 to $5.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Piper Sandler cut shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 target price on the stock. in a research report on Friday, August 7th. Craig Hallum downgraded shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 price target for the company. in a research note on Friday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of CVRx in a research report on Monday, August 3rd. Finally, Lake Street Capital cut CVRx from a “buy” rating to a “hold” rating and reduced their price objective for the company from $14.00 to $3.50 in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.30.
Check Out Our Latest Research Report on CVRX
CVRx Price Performance
CVRx (NASDAQ:CVRX – Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.01). CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%.The firm had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. Sell-side analysts forecast that CVRx will post -2 EPS for the current fiscal year.
Insider Transactions at CVRx
In other news, COO Brent Binkowski purchased 26,223 shares of CVRx stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average cost of $2.91 per share, with a total value of $76,308.93. Following the completion of the purchase, the chief operating officer directly owned 56,514 shares in the company, valued at approximately $164,455.74. This trade represents a 86.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On CVRx
Several large investors have recently modified their holdings of the stock. Johnson & Johnson bought a new position in CVRx during the 2nd quarter valued at about $20,687,786. BlackRock Inc. purchased a new position in shares of CVRx during the second quarter valued at approximately $6,402,000. Royal Bank of Canada lifted its position in CVRx by 6,559.3% during the first quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock valued at $6,688,000 after purchasing an additional 696,334 shares during the period. FourWorld Capital Management LLC lifted its position in CVRx by 28.9% during the first quarter. FourWorld Capital Management LLC now owns 231,996 shares of the company’s stock valued at $2,195,000 after purchasing an additional 51,996 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in CVRx in the second quarter worth approximately $259,000. Hedge funds and other institutional investors own 75.27% of the company’s stock.
CVRx Company Profile
CVRx, Inc is a medical device company that develops and commercializes neuromodulation therapies for patients with cardiovascular diseases. The company’s technology is designed to use the body’s nervous system to help regulate cardiovascular function and address conditions that may not be adequately managed with conventional drug therapy.
CVRx’s primary product is Barostim, an implantable system that electrically stimulates the baroreceptors located near the carotid arteries. The therapy is intended to activate the body’s natural cardiovascular regulation mechanisms and is used primarily in eligible patients with heart failure, including certain patients with reduced ejection fraction.
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