CVRx (NASDAQ:CVRX) Stock Rating Cut to “Hold” at Canaccord Genuity Group

CVRx (NASDAQ:CVRX) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research report issued on Friday, Marketbeat Ratings reports. They currently have a $2.00 price target on the stock. Canaccord Genuity Group‘s target price indicates a potential upside of 36.05% from the stock’s current price.

Several other research firms also recently commented on CVRX. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a research report on Friday, October 30th. Piper Sandler lowered CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 target price on the stock. in a report on Friday, August 7th. Cantor Fitzgerald reduced their price target on CVRx from $13.00 to $5.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Lake Street Capital downgraded 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. Finally, Wall Street Zen raised CVRx from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $3.70.

CVRx Trading Down 7.0%

Shares of NASDAQ CVRX opened at $1.47 on Friday. The stock has a market cap of $39.16 million, a price-to-earnings ratio of -0.74 and a beta of 0.81. The business has a 50 day simple moving average of $2.13 and a 200 day simple moving average of $5.18. CVRx has a 52 week low of $1.25 and a 52 week high of $10.63. The company has a debt-to-equity ratio of 2.94, a quick ratio of 6.87 and a current ratio of 8.04.

CVRx (NASDAQ:CVRX) last posted its earnings results on Thursday, November 5th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.02). CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%. The business had revenue of $13.83 million during the quarter, compared to the consensus estimate of $13.93 million. On average, research analysts predict that CVRx will post -2.00 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CVRx 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, for a total transaction 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. This represents a 86.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 16.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CVRx

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Johnson & Johnson acquired a new stake in CVRx in the 2nd quarter worth $20,687,786. Royal Bank of Canada increased its holdings in shares of CVRx by 6,559.3% during the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock worth $6,688,000 after purchasing an additional 696,334 shares during the period. BlackRock Inc. acquired a new position in shares of CVRx during the second quarter valued at about $6,402,000. Bank of America Corp DE acquired a new position in shares of CVRx during the second quarter valued at about $102,000. Finally, Deutsche Bank AG bought a new stake in shares of CVRx in the second quarter valued at about $62,000. Institutional investors own 75.27% of the company’s stock.

CVRx Company Profile

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.