CVRx (NASDAQ:CVRX) Earns "Buy" Rating from Canaccord Genuity Group

Key Points

• Canaccord Genuity reiterated a Buy rating on CVRx and set a $10 price target, implying roughly a 21% upside; MarketBeat's consensus is a "Moderate Buy" with an average target of $10.50.
• CVRx reported Q4 EPS of ($0.46), missing estimates while revenue was $16.02M (slightly above expectations), and the company remains unprofitable with negative margins and a market cap of about $218M.
• Director Mudit K. Jain purchased 46,800 shares at $6.36 (a ~5% increase in his position); insiders own 18.9% of the company and institutional investors hold 75.27%.

CVRx (NASDAQ:CVRX - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They presently have a $10.00 price objective on the stock. Canaccord Genuity Group's price target points to a potential upside of 20.92% from the company's previous close.

A number of other equities analysts have also recently issued reports on CVRX. Weiss Ratings reissued a "sell (d-)" rating on shares of CVRx in a report on Monday, December 29th. Cantor Fitzgerald raised shares of CVRx to a "strong-buy" rating in a report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $10.50.

CVRx Stock Up 5.9%

Shares of CVRX stock traded up $0.46 during trading hours on Tuesday, hitting $8.27. 32,672 shares of the company were exchanged, compared to its average volume of 341,848. The company has a debt-to-equity ratio of 1.26, a quick ratio of 6.72 and a current ratio of 7.63. CVRx has a one year low of $4.30 and a one year high of $11.30. The business's 50-day simple moving average is $7.60 and its two-hundred day simple moving average is $8.19. The stock has a market capitalization of $217.58 million, a price-to-earnings ratio of -4.00 and a beta of 1.16.

CVRx (NASDAQ:CVRX - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.04). CVRx had a negative return on equity of 99.32% and a negative net margin of 94.10%.The business had revenue of $16.02 million during the quarter, compared to the consensus estimate of $15.75 million. Sell-side analysts predict that CVRx will post -1.91 EPS for the current fiscal year.

Insider Buying and Selling at CVRx

In other CVRx news, Director Mudit K. Jain purchased 46,800 shares of the business's stock in a transaction dated Friday, February 20th. The shares were bought at an average price of $6.36 per share, with a total value of $297,648.00. Following the completion of the acquisition, the director owned 980,183 shares in the company, valued at approximately $6,233,963.88. This represents a 5.01% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.90% of the company's stock.

Institutional Investors Weigh In On CVRx

A number of hedge funds have recently made changes to their positions in CVRX. GSK plc bought a new stake in shares of CVRx during the fourth quarter valued at approximately $7,154,000. Balyasny Asset Management L.P. raised its holdings in CVRx by 65.5% during the second quarter. Balyasny Asset Management L.P. now owns 674,685 shares of the company's stock worth $3,967,000 after purchasing an additional 267,063 shares in the last quarter. Marshall Wace LLP raised its holdings in CVRx by 238.1% during the second quarter. Marshall Wace LLP now owns 350,080 shares of the company's stock worth $2,058,000 after purchasing an additional 246,548 shares in the last quarter. Jane Street Group LLC raised its holdings in CVRx by 162.9% during the fourth quarter. Jane Street Group LLC now owns 225,349 shares of the company's stock worth $1,600,000 after purchasing an additional 139,643 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in CVRx by 102.6% during the third quarter. Bank of America Corp DE now owns 180,425 shares of the company's stock worth $1,456,000 after purchasing an additional 91,376 shares in the last quarter. Institutional investors own 75.27% of the company's stock.

CVRx Company Profile

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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