Neovasc (NASDAQ:NVCN) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a sell rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Neovasc Inc. is a specialty medical device company. It develops, manufactures and markets products for the cardiovascular marketplace. The Company’s products include the Tiara (TM) mitral valve prosthesis in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer (TM) for the treatment of refractory angina and a line of advanced biological tissue products that are used as key components in third-party medical products, including transcatheter heart valves. Neovasc Inc. is headquartered in Richmond, Canada. “

Separately, HC Wainwright restated a buy rating and set a $5.00 price objective on shares of Neovasc in a research report on Wednesday, December 1st.

NVCN stock opened at $0.46 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 10.86 and a current ratio of 11.16. The business has a 50 day moving average price of $0.61 and a two-hundred day moving average price of $0.73. Neovasc has a twelve month low of $0.45 and a twelve month high of $2.60.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last released its quarterly earnings results on Tuesday, November 9th. The medical equipment provider reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.02). The firm had revenue of $0.70 million for the quarter, compared to analyst estimates of $1.20 million. Neovasc had a negative return on equity of 40.59% and a negative net margin of 979.15%. During the same period in the previous year, the business posted ($0.51) earnings per share. Equities research analysts forecast that Neovasc will post -0.37 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS Group AG raised its position in shares of Neovasc by 564.9% in the third quarter. UBS Group AG now owns 34,701 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 29,482 shares in the last quarter. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Neovasc in the third quarter worth $218,000. Citadel Advisors LLC raised its position in Neovasc by 60.5% during the second quarter. Citadel Advisors LLC now owns 118,434 shares of the medical equipment provider’s stock valued at $109,000 after purchasing an additional 44,641 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in Neovasc during the second quarter valued at about $70,000. 2.14% of the stock is owned by institutional investors and hedge funds.

Neovasc Company Profile

Neovasc, Inc engages in the development, manufacture and marketing of medical devices. It focuses on Neovast Tiara and Neovasc Reducer products. The company was founded on November 2, 2000 and is headquartered in Richmond, Canada.

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