BlackRock Inc. Makes New Investment in CVRx, Inc. $CVRX

Key Points

• BlackRock acquired 1.25 million CVRx shares during the second quarter, worth approximately $6.4 million and representing a 4.69% stake. Institutional investors collectively own 75.27% of the company.
• CVRx reported a quarterly loss of $0.53 per share, slightly worse than estimates, while revenue of $15.71 million exceeded forecasts. The company remains unprofitable, with analysts expecting a full-year loss of about $2 per share.
• Analyst sentiment has weakened substantially, with several firms downgrading the stock to “Hold” or “Neutral” and cutting price targets. CVRx currently has a consensus “Hold” rating and an average price target of $5.30, compared with a recent share price of $3.05.

BlackRock Inc. bought a new stake in shares of CVRx, Inc. (NASDAQ:CVRX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,245,459 shares of the company's stock, valued at approximately $6,402,000. BlackRock Inc. owned 4.69% of CVRx as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVRX. Larson Financial Group LLC boosted its holdings in CVRx by 155.6% in the fourth 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 in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of CVRx in the 1st quarter worth about $101,000. Virtu Financial LLC purchased a new stake in shares of CVRx in the 4th quarter worth about $79,000. Corient Private Wealth LLC bought a new stake in shares of CVRx during the 4th quarter valued at about $81,000. Finally, Deutsche Bank AG purchased a new position in shares of CVRx during the second quarter valued at about $62,000. Institutional investors own 75.27% of the company's stock.

CVRx Stock Performance

Shares of CVRx stock opened at $3.05 on Friday. CVRx, Inc. has a 1 year low of $2.20 and a 1 year high of $11.30. The firm's 50-day moving average is $4.29 and its 200 day moving average is $5.99. The stock has a market cap of $81.26 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 current ratio of 8.04 and a quick ratio of 6.87.

CVRx (NASDAQ:CVRX - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $15.71 million for the quarter, compared to the consensus estimate of $15.55 million. CVRx had a negative net margin of 84.93% and a negative return on equity of 152.35%. Sell-side analysts anticipate that CVRx, Inc. will post -2 EPS for the current fiscal year.

Insider Transactions at CVRx

In other CVRx news, COO Brent Binkowski bought 26,223 shares of the business's stock in a transaction on Thursday, August 13th. The shares were acquired at an average cost of $2.91 per share, for a total transaction of $76,308.93. Following the purchase, the chief operating officer owned 56,514 shares in the company, valued at approximately $164,455.74. This trade represents a 86.57% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 16.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on CVRX shares. Piper Sandler lowered shares of CVRx from an "overweight" rating to a "neutral" rating and set a $4.00 price objective for the company. in a report on Friday, August 7th. Weiss Ratings reissued a "sell (e+)" rating on shares of CVRx in a research report on Monday, August 3rd. Cantor Fitzgerald lowered their target price on CVRx from $13.00 to $5.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. Lake Street Capital lowered CVRx from a "buy" rating to a "hold" rating and dropped their price target for the company from $14.00 to $3.50 in a research report on Friday, August 7th. Finally, Craig Hallum cut CVRx from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a research note on Friday, August 7th. Two equities research 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. Based on data from MarketBeat, CVRx currently has an average rating of "Hold" and an average price target of $5.30.

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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