CVRx (NASDAQ:CVRX) Cut to Hold at Lake Street Capital

Key Points

• Lake Street Capital downgraded CVRx from “Buy” to “Hold” and set a $3.50 price target, implying roughly 41% downside from the reported $5.94 share price.
• Analyst sentiment has weakened, with Piper Sandler also moving to “Neutral”; MarketBeat reports a consensus rating of “Hold” and an average price target of $6.90.
• CVRx reported a quarterly loss of $0.53 per share, slightly below estimates, while revenue of $15.71 million exceeded expectations. Institutional investors own approximately 75.27% of the company.

CVRx (NASDAQ:CVRX - Get Free Report) was downgraded by equities research analysts at Lake Street Capital from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday. They currently have a $3.50 target price on the stock. Lake Street Capital's price objective indicates a potential downside of 41.08% from the stock's current price.

CVRX has been the subject of several other research reports. Piper Sandler cut CVRx from an "overweight" rating to a "neutral" rating and set a $4.00 price objective for the company. in a research note on Friday. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $10.00 target price on shares of CVRx in a report on Tuesday, April 14th. Wall Street Zen upgraded shares of CVRx from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of CVRx in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $6.90.

CVRx Stock Up 6.5%

Shares of NASDAQ CVRX opened at $5.94 on Friday. The stock has a market cap of $157.65 million, a P/E ratio of -2.94 and a beta of 0.81. The business's fifty day simple moving average is $5.26 and its 200-day simple moving average is $6.52. CVRx has a 12-month low of $4.37 and a 12-month high of $11.30. The company has a current ratio of 10.20, a quick ratio of 8.89 and a debt-to-equity ratio of 2.01.

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

Institutional Investors Weigh In On CVRx

Several institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. raised its holdings in shares of CVRx by 10.7% in the third quarter. Alliancebernstein L.P. now owns 17,560 shares of the company's stock valued at $142,000 after buying an additional 1,700 shares during the last quarter. Cresset Asset Management LLC boosted its stake in shares of CVRx by 3.5% during the second quarter. Cresset Asset Management LLC now owns 53,542 shares of the company's stock worth $315,000 after buying an additional 1,823 shares during the period. Barclays PLC grew its holdings in shares of CVRx by 9.8% during the fourth quarter. Barclays PLC now owns 25,262 shares of the company's stock worth $179,000 after buying an additional 2,257 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CVRx by 7.4% during the first quarter. Bank of New York Mellon Corp now owns 38,542 shares of the company's stock worth $365,000 after buying an additional 2,649 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in CVRx by 155.6% in the 4th quarter. Larson Financial Group LLC now owns 5,426 shares of the company's stock valued at $39,000 after acquiring an additional 3,303 shares during the period. Hedge funds and other 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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