CVRx (NASDAQ:CVRX) Raised to Hold at Wall Street Zen

CVRx (NASDAQ:CVRX) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

CVRX has been the topic of a number of other research reports. Craig Hallum lowered shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a research note on Friday, August 7th. Lake Street Capital downgraded shares of CVRx from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $3.50 in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a research note on Monday, August 3rd. Cantor Fitzgerald lowered their price objective on shares of CVRx from $13.00 to $5.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Piper Sandler lowered shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 price objective for the company. in a report 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, the company currently has a consensus rating of “Hold” and an average price target of $4.30.

CVRx Stock Performance

Shares of CVRX stock opened at $1.58 on Friday. The firm has a market capitalization of $42.09 million, a price-to-earnings ratio of -0.80 and a beta of 0.77. The stock has a fifty day moving average of $2.90 and a 200 day moving average of $5.10. CVRx has a 52 week low of $1.50 and a 52 week high of $11.30. The company has a quick ratio of 6.87, a current ratio of 8.04 and a debt-to-equity ratio of 2.94.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.01). CVRx had a negative net margin of 84.93% and a negative return on equity of 152.35%. The company had revenue of $15.71 million for the quarter, compared to analysts’ expectations of $15.55 million. As a group, research analysts expect that CVRx will post -2.00 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Johnson & Johnson bought a new position in shares of CVRx in the 2nd quarter worth about $20,687,786. BlackRock Inc. purchased a new position in CVRx during the 2nd quarter valued at about $6,402,000. Royal Bank of Canada lifted its position in CVRx by 6,559.3% during the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock valued at $6,688,000 after acquiring an additional 696,334 shares during the period. FourWorld Capital Management LLC boosted its stake in CVRx by 28.9% during the first quarter. FourWorld Capital Management LLC now owns 231,996 shares of the company’s stock worth $2,195,000 after acquiring an additional 51,996 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in CVRx during the second quarter worth about $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 technologies for patients with cardiovascular diseases. Founded in 2001 and headquartered in Minneapolis, Minnesota, the company focuses on therapies that use the body’s natural neural pathways to help regulate cardiovascular function.

Its principal product is Barostim, an implantable system designed to treat certain patients with heart failure. The device uses a pulse generator and leads placed near the carotid arteries to electrically activate the baroreflex, a system involved in regulating the heart, blood vessels and nervous system.