Envoy Medical (NASDAQ:COCH) Now Covered by HC Wainwright

Equities research analysts at HC Wainwright assumed coverage on shares of Envoy Medical (NASDAQ:COCH) in a report issued on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $2.50 price target on the stock. HC Wainwright’s price target suggests a potential upside of 288.86% from the stock’s previous close.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a research note on Tuesday, January 27th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Envoy Medical currently has an average rating of “Hold” and an average target price of $6.00.

Envoy Medical Trading Down 1.5%

Envoy Medical stock opened at $0.64 on Tuesday. The company has a market cap of $49.43 million, a PE ratio of -0.53 and a beta of 2.08. Envoy Medical has a 1 year low of $0.36 and a 1 year high of $1.91. The company’s 50-day moving average is $0.68 and its two-hundred day moving average is $0.77.

Envoy Medical (NASDAQ:COCH) last issued its quarterly earnings results on Monday, March 23rd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.02). The firm had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.03 million. Research analysts forecast that Envoy Medical will post -1.21 EPS for the current year.

Insiders Place Their Bets

In other news, Director Mona Chetan Patel acquired 312,500 shares of Envoy Medical stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $0.40 per share, with a total value of $125,000.00. Following the purchase, the director directly owned 332,500 shares of the company’s stock, valued at $133,000. The trade was a 1,562.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Potashnick acquired 212,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average price of $0.40 per share, with a total value of $85,000.00. Following the acquisition, the chief financial officer owned 212,500 shares of the company’s stock, valued at approximately $85,000. This trade represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 20,433,650 shares of company stock worth $8,173,460 over the last ninety days. Company insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Envoy Medical

Institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Envoy Medical in the 3rd quarter valued at $60,000. Geode Capital Management LLC raised its stake in Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock worth $65,000 after buying an additional 51,813 shares during the period. Finally, Focus Partners Wealth bought a new position in Envoy Medical during the first quarter worth about $276,000. Institutional investors and hedge funds own 8.59% of the company’s stock.

Envoy Medical Company Profile

Envoy Medical (NASDAQ:COCH) is a medical device company focused on non-invasive neuromodulation therapies for dysphagia, a swallowing disorder that affects patients following neurological events or due to degenerative conditions. The company’s lead technology delivers targeted electrical stimulation designed to strengthen the muscles and neural pathways involved in the swallowing process.

Envoy Medical’s flagship therapy has received regulatory clearance from the U.S. Food and Drug Administration and is being introduced through rehabilitation centers, speech-language pathology clinics and acute care hospitals.