CVRx (NASDAQ:CVRX) Stock Price Target Cut by Lake Street Capital

CVRx (NASDAQ:CVRX) had its target price decreased by analysts at Lake Street Capital from $3.50 to $1.50 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Lake Street Capital‘s price target suggests a potential upside of 72.67% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald lowered their price objective 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. Canaccord Genuity Group cut shares of CVRx from a “buy” rating to a “hold” rating and cut their target price for the stock from $5.00 to $2.00 in a research report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of CVRx in a report on Friday, October 30th. Craig Hallum downgraded shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 price target on the stock. in a report on Friday, August 7th. Finally, William Blair lowered shares of CVRx from an “outperform” rating to a “market perform” rating in a research report on Friday. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.30.

CVRx Price Performance

CVRx stock opened at $0.87 on Friday. The company has a debt-to-equity ratio of 4.24, a quick ratio of 5.71 and a current ratio of 6.80. The firm has a market capitalization of $23.14 million, a price-to-earnings ratio of -0.43 and a beta of 0.81. CVRx has a fifty-two week low of $0.77 and a fifty-two week high of $10.28. The stock’s fifty day moving average is $2.08 and its two-hundred day moving average is $5.16.

CVRx (NASDAQ:CVRX) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.02). The firm had revenue of $13.83 million during the quarter, compared to analysts’ expectations of $13.93 million. CVRx had a negative net margin of 88.28% and a negative return on equity of 208.45%. Analysts predict that CVRx will post -2.00 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Brent Binkowski purchased 26,223 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average cost of $2.91 per share, with a total value of $76,308.93. Following the completion of the acquisition, the chief operating officer directly owned 56,514 shares in the company, valued at $164,455.74. The trade was a 86.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 16.60% of the company’s stock.

Institutional Trading of CVRx

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in CVRx by 7.4% in the 1st 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. Deutsche Bank AG acquired a new stake in shares of CVRx during the 2nd quarter worth about $62,000. Renaissance Technologies LLC acquired a new stake in shares of CVRx during the 1st quarter worth about $183,000. Bank of America Corp DE purchased a new stake in shares of CVRx during the second quarter worth about $102,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of CVRx during the second quarter worth about $107,000. Institutional investors and hedge funds own 75.27% of the company’s stock.

About CVRx

CVRx, Inc (NASDAQ: CVRX) is a medical device company focused on developing and commercializing neuromodulation therapies for patients with cardiovascular diseases. The company’s technology is designed to activate the body’s natural nervous system pathways to help regulate cardiovascular function.

CVRx’s primary product is the Barostim system, an implantable device that delivers electrical stimulation to baroreceptors located near the carotid arteries. By influencing signals between the cardiovascular system and the brain, Barostim is intended to reduce excessive sympathetic nervous system activity and improve symptoms and function in certain patients with heart failure.