Craig Hallum Downgrades CVRx (NASDAQ:CVRX) to Hold

Key Points

• Craig Hallum downgraded CVRx to “Hold” from “Buy” and set a $4.00 price target, implying roughly 32.7% downside from the stock’s $5.94 price. The broader analyst consensus is also “Hold,” with an average target of $6.90.
• CVRx’s latest quarterly results showed a $0.53 per-share loss, slightly worse than estimates, while revenue of $15.71 million exceeded expectations. Analysts expect a full-year loss of approximately $1.89 per share.
• The stock rose 6.5% and has a market capitalization of about $157.7 million, while institutional investors own 75.27% of shares. Recent buying included increased positions from Geode Capital Management and Marshall Wace.

CVRx (NASDAQ:CVRX - Get Free Report) was downgraded by stock analysts at Craig Hallum from a "buy" rating to a "hold" rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $4.00 price target on the stock. Craig Hallum's price objective would indicate a potential downside of 32.66% from the stock's current price.

Several other equities analysts also recently commented on the stock. Wall Street Zen upgraded shares of CVRx from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Lake Street Capital cut shares of CVRx from a "buy" rating to a "hold" rating and set a $3.50 target price for the company. in a research note on Friday. Piper Sandler downgraded shares of CVRx from an "overweight" rating to a "neutral" rating and set a $4.00 target price for the company. in a report on Friday. Weiss Ratings reiterated a "sell (e+)" rating on shares of CVRx in a research note on Monday. Finally, Canaccord Genuity Group restated a "buy" rating and set a $10.00 price objective on shares of CVRx in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $6.90.

CVRx Stock Up 6.5%

CVRX stock opened at $5.94 on Friday. The company has a current ratio of 10.20, a quick ratio of 8.89 and a debt-to-equity ratio of 2.01. The firm has a market capitalization of $157.65 million, a PE ratio of -2.94 and a beta of 0.81. CVRx has a 1-year low of $4.37 and a 1-year high of $11.30. The business's 50 day simple moving average is $5.26 and its 200 day simple moving average is $6.52.

CVRx (NASDAQ:CVRX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.01). CVRx had a negative net margin of 89.14% and a negative return on equity of 120.76%. The business had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. As a group, research analysts anticipate that CVRx will post -1.89 EPS for the current year.

Institutional Investors Weigh In On CVRx

A number of institutional investors have recently modified their holdings of CVRX. Geode Capital Management LLC increased its position in CVRx by 6.4% during the second quarter. Geode Capital Management LLC now owns 382,437 shares of the company's stock worth $2,249,000 after acquiring an additional 23,079 shares during the period. XTX Topco Ltd acquired a new stake in CVRx in the 2nd quarter worth about $155,000. Marshall Wace LLP boosted its holdings in CVRx by 238.1% in the 2nd quarter. Marshall Wace LLP now owns 350,080 shares of the company's stock valued at $2,058,000 after purchasing an additional 246,548 shares during the period. Cresset Asset Management LLC boosted its holdings in CVRx by 3.5% in the 2nd quarter. Cresset Asset Management LLC now owns 53,542 shares of the company's stock valued at $315,000 after purchasing an additional 1,823 shares during the period. Finally, Bank of America Corp DE grew its position in shares of CVRx by 7.6% during the 2nd quarter. Bank of America Corp DE now owns 89,049 shares of the company's stock worth $524,000 after purchasing an additional 6,312 shares in the last quarter. Institutional investors own 75.27% of the company's stock.

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.

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