HC Wainwright Cuts Envoy Medical (NASDAQ:COCH) Price Target to $2.00

Key Points

• HC Wainwright lowered Envoy Medical’s price target to $2.00 from $2.50 while maintaining a “Buy” rating, implying 166.52% potential upside from the prior close.
• Analyst sentiment remains mixed: MarketBeat reports a consensus “Hold” rating and $2.00 price target, with separate ratings of Buy, Hold, and Sell.
• Envoy Medical reported a quarterly loss of $0.07 per share, better than the expected $0.08 loss, on revenue of $0.05 million. The company develops FDA-cleared neuromodulation therapies for dysphagia.

Envoy Medical (NASDAQ:COCH - Get Free Report) had its price target decreased by analysts at HC Wainwright from $2.50 to $2.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price target would indicate a potential upside of 166.52% from the stock's previous close.

COCH has been the subject of several other reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Envoy Medical in a research note on Tuesday, July 21st. Loop Capital set a $2.00 price target on shares of Envoy Medical in a research note on Monday, July 27th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $2.00.

Envoy Medical Stock Performance

Shares of COCH stock opened at $0.75 on Friday. The company has a market capitalization of $57.93 million, a price-to-earnings ratio of -0.99 and a beta of 1.90. The company has a 50-day simple moving average of $0.70 and a two-hundred day simple moving average of $0.69. Envoy Medical has a 52-week low of $0.36 and a 52-week high of $1.89.

Envoy Medical (NASDAQ:COCH - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. The company had revenue of $0.05 million for the quarter, compared to analysts' expectations of $0.05 million. On average, sell-side analysts forecast that Envoy Medical will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Envoy Medical

A number of hedge funds have recently made changes to their positions in the stock. DSG Capital Advisors LLC purchased a new position in shares of Envoy Medical in the first quarter worth $416,000. Geode Capital Management LLC grew its holdings in Envoy Medical by 111.3% in the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company's stock valued at $65,000 after buying an additional 51,813 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Envoy Medical during the third quarter worth $60,000. Finally, Focus Partners Wealth acquired a new stake in Envoy Medical in the 1st quarter valued at approximately $276,000. 8.59% of the stock is currently owned by hedge funds and other 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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