CVRx (NASDAQ:CVRX) Stock Gets Price Target Cut from Lake Street Capital

CVRx (NASDAQ:CVRX) had its target price lowered by Lake Street Capital from $3.50 to $1.50 in a research note released on Friday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other brokerages have also recently issued reports on CVRX. Cantor Fitzgerald dropped 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. William Blair lowered shares of CVRx from an “outperform” rating to a “market perform” rating in a research note on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a report on Friday, October 30th. 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. Finally, Canaccord Genuity Group lowered CVRx from a “buy” rating to a “hold” rating and cut their price objective for the stock from $5.00 to $2.00 in a report on Friday. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.30.

CVRx Price Performance

Shares of NASDAQ CVRX opened at $0.87 on Friday. The firm has a market cap of $23.14 million, a P/E ratio of -0.43 and a beta of 0.81. CVRx has a twelve month low of $0.77 and a twelve month high of $10.28. The company has a quick ratio of 5.71, a current ratio of 6.80 and a debt-to-equity ratio of 4.24. The company has a 50 day moving average of $2.08 and a 200 day moving average of $5.16.

CVRx (NASDAQ:CVRX) last issued its earnings results on Thursday, November 5th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.02). The business had revenue of $13.83 million for the quarter, compared to analysts’ expectations of $13.93 million. CVRx had a negative net margin of 88.28% and a negative return on equity of 208.45%. As a group, research analysts expect that CVRx will post -2.00 EPS for the current fiscal year.

Insider Activity

In other CVRx news, COO Brent Binkowski acquired 26,223 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average price of $2.91 per share, with a total value of $76,308.93. Following the completion of the acquisition, the chief operating officer owned 56,514 shares in the company, valued at $164,455.74. This represents a 86.57% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in shares of CVRx by 7.4% in the 1st quarter. Bank of New York Mellon Corp now owns 38,542 shares of the company’s stock worth $365,000 after purchasing an additional 2,649 shares in the last quarter. Deutsche Bank AG bought a new position in CVRx in the 2nd quarter worth $62,000. Renaissance Technologies LLC bought a new position in CVRx in the 1st quarter worth $183,000. Bank of America Corp DE purchased a new position in CVRx during the second quarter valued at $102,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CVRx during the second quarter valued at $107,000. 75.27% of the stock is currently owned by institutional investors.

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.