CVRx (NASDAQ:CVRX) Announces Earnings Results, Misses Expectations By $0.04 EPS

CVRx (NASDAQ:CVRX) issued its quarterly earnings results on Thursday. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.04), Zacks reports. CVRx had a negative return on equity of 84.45% and a negative net margin of 92.95%.

CVRx Stock Down 6.4%

Shares of NASDAQ CVRX traded down $0.39 during trading on Thursday, reaching $5.69. 191,523 shares of the stock were exchanged, compared to its average volume of 344,994. The company has a market capitalization of $149.13 million, a price-to-earnings ratio of -2.82 and a beta of 1.31. The business’s 50-day moving average price is $7.32 and its 200 day moving average price is $8.12. The company has a quick ratio of 8.60, a current ratio of 9.62 and a debt-to-equity ratio of 1.03. CVRx has a twelve month low of $4.30 and a twelve month high of $15.41.

Hedge Funds Weigh In On CVRx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVRX. Balyasny Asset Management L.P. increased its position in shares of CVRx by 65.5% during the second quarter. Balyasny Asset Management L.P. now owns 674,685 shares of the company’s stock worth $3,967,000 after acquiring an additional 267,063 shares during the last quarter. Geode Capital Management LLC raised its position in shares of CVRx by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 382,437 shares of the company’s stock valued at $2,249,000 after purchasing an additional 23,079 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of CVRx by 238.1% during the 2nd quarter. Marshall Wace LLP now owns 350,080 shares of the company’s stock valued at $2,058,000 after buying an additional 246,548 shares during the last quarter. Bank of America Corp DE raised its holdings in CVRx by 102.6% in the third quarter. Bank of America Corp DE now owns 180,425 shares of the company’s stock valued at $1,456,000 after acquiring an additional 91,376 shares in the last quarter. Finally, UBS Group AG boosted its stake in CVRx by 71.7% during the 3rd quarter. UBS Group AG now owns 151,323 shares of the company’s stock valued at $1,221,000 after acquiring an additional 63,179 shares during the last quarter. 75.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Canaccord Genuity Group increased their target price on CVRx from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CVRx in a report on Monday, December 29th. Finally, Cantor Fitzgerald increased their target price on shares of CVRx from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.40.

About CVRx

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.