CVRx (NASDAQ:CVRX) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded CVRx to “sell” from “hold,” joining a broader wave of analyst caution. The stock’s consensus rating remains “hold,” with an average price target of $5.30.
• CVRx shares opened at $3.04, well below their 52-week high of $11.30, while the company reported a quarterly loss of $0.53 per share and negative net margins of 84.93%.
• Despite the weak outlook, COO Brent Binkowski purchased 26,223 shares, and institutional investors—including BlackRock—have recently established positions; institutions collectively own 75.27% of the stock.

CVRx (NASDAQ:CVRX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

CVRX has been the subject of a number of other research reports. Piper Sandler lowered CVRx from an "overweight" rating to a "neutral" rating and set a $4.00 target price for the company. in a research report on Friday, August 7th. 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. Lake Street Capital lowered shares of CVRx from a "buy" rating to a "hold" rating and reduced their price target for the stock from $14.00 to $3.50 in a research note on Friday, August 7th. Cantor Fitzgerald decreased 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, Weiss Ratings restated a "sell (e+)" rating on shares of CVRx in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, CVRx currently has an average rating of "Hold" and a consensus target price of $5.30.

CVRx Stock Performance

Shares of CVRX stock opened at $3.04 on Friday. The company has a market capitalization of $80.99 million, a price-to-earnings ratio of -1.54 and a beta of 0.76. 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 has a one year low of $2.20 and a one year high of $11.30. The company's 50-day moving average is $3.78 and its 200 day moving average is $5.75.

CVRx (NASDAQ:CVRX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.01). The firm had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%. Sell-side analysts expect that CVRx will post -2 EPS for the current fiscal year.

Insiders Place Their Bets

In other CVRx news, COO Brent Binkowski purchased 26,223 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were acquired at an average price of $2.91 per share, for a total transaction of $76,308.93. Following the purchase, the chief operating officer directly owned 56,514 shares of the company's stock, 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 accessible through this hyperlink. Insiders own 16.60% of the company's stock.

Institutional Investors Weigh In On CVRx

Several hedge funds and other institutional investors have recently modified their holdings of CVRX. Bank of America Corp DE purchased a new position in CVRx during the second quarter valued at $102,000. BlackRock Inc. bought a new position in shares of CVRx in the second quarter worth about $6,402,000. Deutsche Bank AG bought a new position in shares of CVRx in the second quarter worth about $62,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of CVRx in the second quarter worth about $107,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of CVRx during the 2nd quarter valued at about $199,000. 75.27% of the stock is currently owned by hedge funds and other institutional investors.

About CVRx

CVRx, Inc is a medical device company that develops and commercializes neuromodulation therapies for patients with cardiovascular diseases. The company's technology is designed to use the body's nervous system to help regulate cardiovascular function and address conditions that may not be adequately managed with conventional drug therapy.

CVRx's primary product is Barostim, an implantable system that electrically stimulates the baroreceptors located near the carotid arteries. The therapy is intended to activate the body's natural cardiovascular regulation mechanisms and is used primarily in eligible patients with heart failure, including certain patients with reduced ejection fraction.

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