CVRx, Inc. $CVRX Shares Acquired by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its CVRx stake by 6,559.3% in the first quarter, acquiring 696,334 additional shares for a total of 706,950 shares, or about 2.66% of the company. Institutional investors collectively own 75.27% of CVRx.
• Analyst sentiment has weakened, with several firms downgrading the stock to “Hold” or “Neutral” and cutting price targets. MarketBeat reports a consensus “Hold” rating and an average target of $6.90.
• CVRx reported a quarterly loss of $0.53 per share, slightly missing estimates, while revenue of $15.71 million topped expectations. The stock opened at $2.60, near its one-year low of $2.20, amid substantial losses and negative profitability metrics.

Royal Bank of Canada grew its holdings in CVRx, Inc. (NASDAQ:CVRX - Free Report) by 6,559.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 706,950 shares of the company's stock after acquiring an additional 696,334 shares during the period. Royal Bank of Canada owned about 2.66% of CVRx worth $6,688,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Alliancebernstein L.P. lifted its position in CVRx by 10.7% during the third quarter. Alliancebernstein L.P. now owns 17,560 shares of the company's stock valued at $142,000 after purchasing an additional 1,700 shares during the period. XTX Topco Ltd purchased a new stake in CVRx in the fourth quarter valued at $90,000. Corient Private Wealth LLC acquired a new stake in CVRx during the 4th quarter worth about $81,000. Virtu Financial LLC acquired a new stake in CVRx during the 4th quarter worth about $79,000. Finally, Renaissance Technologies LLC acquired a new stake in CVRx during the 1st quarter worth about $183,000. Institutional investors and hedge funds own 75.27% of the company's stock.

Analysts Set New Price Targets

CVRX has been the subject of several analyst 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 report on Friday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of CVRx in a report on Monday, August 3rd. Craig Hallum cut CVRx from a "buy" rating to a "hold" rating and set a $4.00 price target for the company. in a research report on Friday, August 7th. Lake Street Capital cut CVRx from a "buy" rating to a "hold" rating and reduced their price target for the company from $14.00 to $3.50 in a research report on Friday, August 7th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $10.00 price target 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 issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $6.90.

CVRx Stock Up 9.7%

NASDAQ CVRX opened at $2.60 on Wednesday. The business has a fifty day moving average price of $5.08 and a 200 day moving average price of $6.45. The company has a debt-to-equity ratio of 2.94, a quick ratio of 6.87 and a current ratio of 8.04. The company has a market cap of $69.26 million, a P/E ratio of -1.31 and a beta of 0.81. CVRx, Inc. has a one year low of $2.20 and a one year high of $11.30.

CVRx (NASDAQ:CVRX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.01). CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%.The business had revenue of $15.71 million for the quarter, compared to analyst estimates of $15.55 million. Research analysts anticipate that CVRx, Inc. will post -1.94 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source