4,024,861 Shares in CVRx, Inc. $CVRX Bought by Johnson & Johnson

Johnson & Johnson bought a new position in CVRx, Inc. (NASDAQ:CVRX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,024,861 shares of the company’s stock, valued at approximately $20,687,786. CVRx accounts for approximately 0.0% of Johnson & Johnson’s holdings, making the stock its 7th biggest position. Johnson & Johnson owned about 15.17% of CVRx as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in CVRx by 1.2% during the third quarter. Vanguard Group Inc. now owns 1,090,226 shares of the company’s stock valued at $8,798,000 after buying an additional 12,948 shares in the last quarter. GSK plc bought a new position in CVRx in the 4th quarter valued at about $7,154,000. Balyasny Asset Management L.P. boosted its holdings in CVRx by 17.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 814,943 shares of the company’s stock valued at $5,786,000 after acquiring an additional 118,683 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of CVRx by 6,559.3% in the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock worth $6,688,000 after acquiring an additional 696,334 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in CVRx by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 382,437 shares of the company’s stock worth $2,249,000 after acquiring an additional 23,079 shares during the last quarter. 75.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CVRx

In related news, COO Brent Binkowski purchased 26,223 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was acquired at an average price of $2.91 per share, for a total transaction of $76,308.93. Following the completion of the purchase, the chief operating officer directly owned 56,514 shares of the company’s stock, valued at $164,455.74. This trade represents a 86.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on CVRX. Piper Sandler cut shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 target price for the company. in a report on Friday, August 7th. Lake Street Capital lowered CVRx from a “buy” rating to a “hold” rating and reduced their price target for the stock from $14.00 to $3.50 in a report on Friday, August 7th. Cantor Fitzgerald cut their target price on shares of CVRx from $13.00 to $5.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of CVRx in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded CVRx from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.30.

CVRx Stock Performance

CVRX traded down $0.01 during trading on Friday, hitting $3.03. 269,906 shares of the company traded hands, compared to its average volume of 489,911. The company has a quick ratio of 6.87, a current ratio of 8.04 and a debt-to-equity ratio of 2.94. CVRx, Inc. has a one year low of $2.20 and a one year high of $11.30. The firm has a market cap of $80.73 million, a P/E ratio of -1.53 and a beta of 0.81. The stock’s fifty day moving average is $4.55 and its 200 day moving average is $6.11.

CVRx (NASDAQ:CVRX) last released its earnings results on Thursday, August 6th. The company reported ($0.53) 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 company had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. As a group, equities analysts predict that CVRx, Inc. will post -2 EPS for the current fiscal year.

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.