Envoy Medical's (COCH) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its Buy rating on Envoy Medical and kept a $2.50 price target, implying significant upside from the prior close.
• Envoy Medical shares were up 9.4% to $0.76, while the stock remains well below its 12-month high of $1.89 and has a market cap of about $58.3 million.
• The company’s latest earnings showed a smaller-than-expected loss of $0.11 per share, beating estimates, though revenue came in below forecasts at $0.04 million.

Envoy Medical (NASDAQ:COCH - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $2.50 price objective on the stock. HC Wainwright's price target would indicate a potential upside of 229.51% from the stock's previous close.

COCH has been the topic of a number of other research reports. Zacks Research upgraded Envoy Medical to a "hold" rating in a research report on Wednesday, April 1st. Weiss Ratings restated a "sell (e+)" rating on shares of Envoy Medical in a research report on Friday, April 24th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.50.

Envoy Medical Trading Up 9.4%

Shares of COCH stock opened at $0.76 on Wednesday. The business's 50-day moving average price is $0.69 and its 200-day moving average price is $0.68. Envoy Medical has a 12 month low of $0.36 and a 12 month high of $1.89. The firm has a market capitalization of $58.33 million, a price-to-earnings ratio of -0.75 and a beta of 1.88.

Envoy Medical (NASDAQ:COCH - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.03. The business had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.10 million. On average, sell-side analysts predict that Envoy Medical will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Envoy Medical

A number of hedge funds have recently added to or reduced their stakes in the business. Focus Partners Wealth bought a new position in shares of Envoy Medical during the 1st quarter worth approximately $276,000. CIBC Bancorp USA Inc. acquired a new position in shares of Envoy Medical during the third quarter valued at about $60,000. Geode Capital Management LLC boosted its position in shares of Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company's stock worth $65,000 after purchasing an additional 51,813 shares in the last quarter. Finally, DSG Capital Advisors LLC acquired a new stake in shares of Envoy Medical in the 1st quarter valued at about $416,000. 8.59% of the stock is currently owned by institutional investors.

About Envoy Medical

Envoy Medical NASDAQ: COCH is a medical device company focused on non-invasive neuromodulation therapies for dysphagia, a swallowing disorder that affects patients following neurological events or due to degenerative conditions. The company's lead technology delivers targeted electrical stimulation designed to strengthen the muscles and neural pathways involved in the swallowing process.

Envoy Medical's flagship therapy has received regulatory clearance from the U.S. Food and Drug Administration and is being introduced through rehabilitation centers, speech-language pathology clinics and acute care hospitals.

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