CVRx (NASDAQ:CVRX) Stock Price Target Lowered at Lake Street Capital

CVRx (NASDAQ:CVRX) had its price target lowered by investment analysts at Lake Street Capital from $3.50 to $1.50 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Lake Street Capital‘s target price would suggest a potential upside of 72.67% from the company’s previous close.

CVRX has been the topic of a number of other research reports. Wall Street Zen cut CVRx from a “hold” rating to a “sell” rating in a research report on Saturday. Cantor Fitzgerald decreased their target price on CVRx from $13.00 to $5.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Craig Hallum downgraded 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of CVRx in a research report on Friday, October 30th. Finally, Canaccord Genuity Group cut CVRx from a “buy” rating to a “hold” rating and reduced their price objective for the company from $5.00 to $2.00 in a research note on Friday. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, CVRx currently has a consensus rating of “Hold” and a consensus price target of $3.30.

CVRx Stock Performance

NASDAQ CVRX opened at $0.87 on Friday. The firm’s fifty day moving average price is $2.08 and its 200 day moving average price is $5.16. CVRx has a 12 month low of $0.77 and a 12 month high of $10.28. The company has a debt-to-equity ratio of 4.24, a current ratio of 6.80 and a quick ratio of 5.71. The company has a market capitalization of $23.14 million, a price-to-earnings ratio of -0.43 and a beta of 0.81.

CVRx (NASDAQ:CVRX) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.02). CVRx had a negative net margin of 88.28% and a negative return on equity of 208.45%. The company had revenue of $13.83 million during the quarter, compared to analysts’ expectations of $13.93 million. On average, sell-side analysts expect that CVRx will post -2.00 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CVRx news, COO Brent Binkowski acquired 26,223 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were bought at an average cost of $2.91 per share, for a total transaction of $76,308.93. Following the completion of the purchase, the chief operating officer owned 56,514 shares in the company, valued at $164,455.74. This trade represents a 86.57% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 16.60% of the company’s stock.

Institutional Investors Weigh In On CVRx

Several hedge funds have recently made changes to their positions in the business. Johnson & Johnson purchased a new position in shares of CVRx during the second quarter worth about $20,687,786. BlackRock Inc. purchased a new stake in CVRx during the 2nd quarter valued at approximately $6,402,000. Royal Bank of Canada raised its stake in CVRx by 6,559.3% during the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock valued at $6,688,000 after acquiring an additional 696,334 shares during the last quarter. Russell Investments Group Ltd. raised its stake in CVRx by 2,137.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 100,937 shares of the company’s stock valued at $177,000 after acquiring an additional 96,426 shares during the last quarter. Finally, FourWorld Capital Management LLC lifted its position in CVRx by 28.9% during the 1st quarter. FourWorld Capital Management LLC now owns 231,996 shares of the company’s stock worth $2,195,000 after acquiring an additional 51,996 shares during the period. Institutional investors and hedge funds own 75.27% of the company’s stock.

About CVRx

CVRx, Inc (NASDAQ: CVRX) is a medical device company focused on developing and commercializing neuromodulation therapies for patients with cardiovascular diseases. The company’s technology is designed to activate the body’s natural nervous system pathways to help regulate cardiovascular function.

CVRx’s primary product is the Barostim system, an implantable device that delivers electrical stimulation to baroreceptors located near the carotid arteries. By influencing signals between the cardiovascular system and the brain, Barostim is intended to reduce excessive sympathetic nervous system activity and improve symptoms and function in certain patients with heart failure.