Envoy Medical (NASDAQ:COCH) Stock Price Down 2.6% – Here’s Why

Envoy Medical, Inc. (NASDAQ:COCH) fell 2.6% during trading on Friday . The stock traded as low as $0.6920 and last traded at $0.73. 136,289 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 207,792 shares. The stock had previously closed at $0.7494.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COCH. Wall Street Zen upgraded Envoy Medical to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Envoy Medical in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.50.

Envoy Medical Stock Down 2.6%

The firm has a 50-day moving average of $0.76 and a 200 day moving average of $1.12. The stock has a market capitalization of $21.01 million, a P/E ratio of -0.52 and a beta of 2.09.

Envoy Medical (NASDAQ:COCH) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.08). The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.05 million. Analysts predict that Envoy Medical, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Envoy Medical

Large investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. bought a new position in shares of Envoy Medical during the 3rd quarter worth approximately $60,000. Focus Partners Wealth bought a new position in shares of Envoy Medical during the first quarter valued at $276,000. Finally, NorthRock Partners LLC acquired a new stake in shares of Envoy Medical in the 2nd quarter valued at $14,612,000. 8.59% of the stock is currently owned by institutional investors.

Envoy Medical Company Profile

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.