CVRx’s (CVRX) “Overweight” Rating Reiterated at Piper Sandler

by · The Markets Daily

Piper Sandler reissued their overweight rating on shares of CVRx (NASDAQ:CVRX – Free Report) in a report published on Wednesday, Benzinga reports. The brokerage currently has a $16.00 price objective on the stock, up from their previous price objective of $13.00.

CVRX has been the subject of a number of other reports. Craig Hallum decreased their price target on shares of CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of CVRx in a research report on Wednesday, October 23rd. Canaccord Genuity Group upped their price target on CVRx from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Lake Street Capital reissued a “buy” rating and set a $12.00 price objective on shares of CVRx in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, CVRx currently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Get Our Latest Analysis on CVRx

CVRx Price Performance

Shares of CVRX stock opened at $13.40 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 8.85 and a current ratio of 10.08. The firm has a market cap of $291.99 million, a P/E ratio of -4.96 and a beta of 1.26. The business’s 50 day moving average price is $9.15 and its 200-day moving average price is $9.58. CVRx has a fifty-two week low of $6.40 and a fifty-two week high of $33.13.

CVRx (NASDAQ:CVRX – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.12). CVRx had a negative net margin of 123.75% and a negative return on equity of 88.85%. The company had revenue of $13.37 million during the quarter, compared to the consensus estimate of $13.28 million. During the same quarter last year, the firm earned ($0.43) EPS. On average, equities research analysts anticipate that CVRx will post -2.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Kevin Hykes purchased 30,000 shares of CVRx stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $8.36 per share, for a total transaction of $250,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $250,800. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 38,500 shares of company stock valued at $322,545. 18.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CVRx

Institutional investors have recently made changes to their positions in the company. Silvercrest Asset Management Group LLC increased its holdings in CVRx by 70.7% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 253,968 shares of the company’s stock worth $4,625,000 after buying an additional 105,198 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of CVRx by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock valued at $10,822,000 after acquiring an additional 31,720 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of CVRx by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock worth $446,000 after acquiring an additional 8,741 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of CVRx during the second quarter valued at approximately $218,000. Finally, SG Americas Securities LLC bought a new position in CVRx during the third quarter valued at approximately $108,000. Hedge funds and other institutional investors own 75.27% of the company’s stock.

About CVRx

(Get Free Report)

CVRx, Inc, a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. The company offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction or systolic heart failure.

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