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

CVRx (NASDAQ:CVRX) had its target price upped by equities research analysts at Canaccord Genuity Group from $15.00 to $17.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 23.01% from the stock’s previous close.

Several other brokerages also recently commented on CVRX. Piper Sandler reissued an “overweight” rating and issued a $16.00 price objective (up from $13.00) on shares of CVRx in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of CVRx in a research note on Wednesday, October 23rd. Lake Street Capital reaffirmed a “buy” rating and issued a $12.00 target price on shares of CVRx in a report on Monday, August 26th. Finally, Craig Hallum reduced their target price on CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.50.

CVRx Stock Up 28.7 %

CVRX stock traded up $3.08 during trading on Wednesday, reaching $13.82. 1,062,516 shares of the stock were exchanged, compared to its average volume of 270,101. The firm’s 50 day moving average is $8.85 and its 200 day moving average is $9.55. CVRx has a twelve month low of $6.40 and a twelve month high of $33.13. The company has a current ratio of 10.08, a quick ratio of 8.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $301.08 million, a P/E ratio of -5.15 and a beta of 1.26.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings data on Monday, July 29th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.14). The company had revenue of $11.81 million during the quarter, compared to analysts’ expectations of $11.84 million. CVRx had a negative return on equity of 77.62% and a negative net margin of 122.52%. During the same period last year, the company earned ($0.56) earnings per share. As a group, research analysts forecast that CVRx will post -2.56 EPS for the current year.

Insider Buying and Selling at CVRx

In other news, CEO Kevin Hykes acquired 30,000 shares of CVRx stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $8.36 per share, with a total value of $250,800.00. Following the completion of the acquisition, the chief executive officer now owns 30,000 shares in the company, valued at approximately $250,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders bought 38,500 shares of company stock valued at $322,545. Company insiders own 18.90% of the company’s stock.

Institutional Investors Weigh In On CVRx

Several institutional investors have recently made changes to their positions in CVRX. Johnson & Johnson lifted its position in shares of CVRx by 17.4% during the first quarter. Johnson & Johnson now owns 4,103,430 shares of the company’s stock worth $74,723,000 after acquiring an additional 607,855 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in shares of CVRx by 70.7% during the first quarter. Silvercrest Asset Management Group LLC now owns 253,968 shares of the company’s stock worth $4,625,000 after acquiring an additional 105,198 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of CVRx during the second quarter worth $495,000. International Assets Investment Management LLC purchased a new stake in shares of CVRx during the third quarter worth $338,000. Finally, Vanguard Group Inc. lifted its position in shares of CVRx by 5.6% during the first quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock worth $10,822,000 after acquiring an additional 31,720 shares in the last quarter. Hedge funds and other institutional investors own 75.27% of the company’s stock.

CVRx Company Profile

CVRx, Inc, a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. The company offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction or systolic heart failure.