CVRx (NASDAQ:CVRX) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of CVRx (NASDAQ:CVRX) from a sell rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently weighed in on the company. Piper Sandler downgraded CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 price objective on the stock. in a research note on Friday, August 7th. Craig Hallum cut shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 price objective for the company. in a research note on Friday, August 7th. Cantor Fitzgerald lowered their target price on shares of CVRx from $13.00 to $5.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of CVRx in a report on Monday, August 3rd. Finally, Lake Street Capital lowered shares of CVRx from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $3.50 in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.30.

CVRx Stock Up 0.7%

Shares of CVRx stock opened at $2.88 on Friday. The firm has a market cap of $76.72 million, a price-to-earnings ratio of -1.45 and a beta of 0.76. The stock has a 50-day simple moving average of $4.03 and a 200-day simple moving average of $5.91. CVRx has a 52-week low of $2.20 and a 52-week high of $11.30. The company has a debt-to-equity ratio of 2.94, a current ratio of 8.04 and a quick ratio of 6.87.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $15.71 million for the quarter, compared to the consensus estimate of $15.55 million. On average, equities research analysts expect that CVRx will post -2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Brent Binkowski purchased 26,223 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were bought at an average cost of $2.91 per share, for a total transaction of $76,308.93. Following the transaction, the chief operating officer directly owned 56,514 shares of the company’s stock, valued at approximately $164,455.74. This trade represents a 86.57% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 16.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CVRx

A number of institutional investors have recently added to or reduced their stakes in the company. Johnson & Johnson acquired a new position in CVRx in the 2nd quarter worth $20,687,786. Royal Bank of Canada raised its stake in shares of CVRx by 6,559.3% in the 1st 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. BlackRock Inc. acquired a new stake in shares of CVRx in the 2nd quarter valued at about $6,402,000. Renaissance Technologies LLC bought a new stake in shares of CVRx in the first quarter valued at about $183,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of CVRx by 7.4% in the first quarter. Bank of New York Mellon Corp now owns 38,542 shares of the company’s stock valued at $365,000 after purchasing an additional 2,649 shares in the last quarter. 75.27% of the stock is owned by institutional investors and hedge funds.

About CVRx

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.