CVRx (NASDAQ:CVRX) Price Target Raised to $22.00

CVRx (NASDAQ:CVRX) had its price objective lifted by analysts at Canaccord Genuity Group from $17.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 58.05% from the stock’s current price.

CVRX has been the subject of a number of other reports. Piper Sandler restated an “overweight” rating and issued a $16.00 price objective (up from $13.00) on shares of CVRx in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 target price on shares of CVRx in a research report on Wednesday, October 23rd. Lake Street Capital raised their price objective on shares of CVRx from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum upped their price objective on CVRx from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, CVRx presently has an average rating of “Moderate Buy” and an average target price of $16.67.

CVRx Stock Performance

NASDAQ:CVRX traded up $0.44 on Monday, reaching $13.92. 38,316 shares of the company’s stock were exchanged, compared to its average volume of 273,030. The stock has a fifty day simple moving average of $12.13 and a 200-day simple moving average of $10.23. CVRx has a 52 week low of $6.40 and a 52 week high of $33.13. The company has a debt-to-equity ratio of 0.76, a current ratio of 11.32 and a quick ratio of 10.23. The firm has a market cap of $337.70 million, a price-to-earnings ratio of -5.16 and a beta of 1.20.

CVRx (NASDAQ:CVRX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.12). CVRx had a negative return on equity of 89.06% and a negative net margin of 123.75%. The company had revenue of $13.37 million for the quarter, compared to analysts’ expectations of $13.28 million. During the same quarter in the prior year, the company earned ($0.43) EPS. As a group, sell-side analysts predict that CVRx will post -2.62 earnings per share for the current year.

Hedge Funds Weigh In On CVRx

A number of large investors have recently bought and sold shares of the stock. PDT Partners LLC bought a new position in CVRx during the 3rd quarter valued at approximately $543,000. International Assets Investment Management LLC bought a new stake in CVRx during the 3rd quarter valued at about $338,000. Vanguard Group Inc. raised its stake in shares of CVRx by 5.6% in the first quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock worth $10,822,000 after purchasing an additional 31,720 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CVRx by 30.7% during the second quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock valued at $446,000 after purchasing an additional 8,741 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of CVRx during the second quarter valued at $218,000. 75.27% of the stock is owned by hedge funds and other institutional investors.

About CVRx

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.