Canaccord Genuity Group Trims CVRx (NASDAQ:CVRX) Target Price to $17.00

CVRx (NASDAQ:CVRX) had its target price decreased by Canaccord Genuity Group from $30.00 to $17.00 in a research report issued to clients and investors on Thursday, The Fly reports. Canaccord Genuity Group’s target price would suggest a potential upside of 79.51% from the stock’s previous close.

Separately, Zacks Investment Research upgraded CVRx from a “sell” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $22.37.

Shares of CVRX opened at $9.47 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 20.42 and a quick ratio of 20.03. CVRx has a one year low of $8.88 and a one year high of $29.00. The stock’s 50 day moving average price is $12.59.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings results on Thursday, November 4th. The company reported ($0.30) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.38) by $0.08. The firm had revenue of $3.40 million for the quarter, compared to analysts’ expectations of $3.42 million. As a group, equities analysts predict that CVRx will post -4.01 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RTW Investments LP purchased a new position in shares of CVRx during the 2nd quarter worth $4,200,000. Citadel Advisors LLC purchased a new position in shares of CVRx during the 2nd quarter worth $1,750,000. RA Capital Management L.P. purchased a new position in shares of CVRx during the 2nd quarter worth $7,700,000. Caas Capital Management LP purchased a new position in shares of CVRx during the 2nd quarter worth $1,680,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of CVRx during the 2nd quarter worth $701,000. Institutional investors and hedge funds own 69.43% of the company’s stock.

CVRx Company Profile

CVRx, Inc develops an implantable technology for the treatment of high blood pressure/hypertension and heart failure patients. It offers BAROSTIM NEO, a neuro-modulation therapy that triggers the body's natural reflex to regulate blood pressure and the underlying causes of the progression of heart failure, which is delivered through a long-lasting implant system, and customized to each patient's individual therapy needs.

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