Brokerages Set CVRx, Inc. (NASDAQ:CVRX) Target Price at $6.90

CVRx, Inc. (NASDAQ:CVRX) has been given an average rating of “Hold” by the six analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $6.90.

A number of research firms recently commented on CVRX. Wall Street Zen downgraded CVRx from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a research report on Monday, August 3rd. Lake Street Capital downgraded shares of CVRx from a “buy” rating to a “hold” rating and dropped their price objective for the company from $14.00 to $3.50 in a report on Friday, August 7th. Craig Hallum cut shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 target price for the company. in a report on Friday, August 7th. Finally, Piper Sandler downgraded shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 target price for the company. in a research report on Friday, August 7th.

CVRx Stock Performance

Shares of CVRX stock opened at $2.94 on Friday. The firm has a market capitalization of $78.32 million, a price-to-earnings ratio of -1.48 and a beta of 0.81. The company has a debt-to-equity ratio of 2.94, a current ratio of 8.04 and a quick ratio of 6.87. The business has a fifty day moving average of $4.96 and a 200 day moving average of $6.40. CVRx has a 1 year low of $2.20 and a 1 year high of $11.30.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.01). The firm had revenue of $15.71 million for the quarter, compared to analyst estimates of $15.55 million. CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%. As a group, research analysts expect that CVRx will post -1.97 earnings per share for the current year.

Insider Buying and Selling at CVRx

In related news, COO Brent Binkowski acquired 26,223 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was acquired at an average price of $2.91 per share, with a total value of $76,308.93. Following the acquisition, the chief operating officer directly 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 SEC, which is accessible through this hyperlink. Insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Johnson & Johnson acquired a new position in CVRx in the second quarter valued at approximately $20,687,786,000. BlackRock Inc. purchased a new position in shares of CVRx during the 2nd quarter valued at approximately $6,402,000. Vanguard Group Inc. lifted its stake in shares of CVRx by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,090,226 shares of the company’s stock valued at $8,798,000 after purchasing an additional 12,948 shares during the period. GSK plc acquired a new position in shares of CVRx in the 4th quarter valued at $7,154,000. Finally, Balyasny Asset Management L.P. boosted its holdings in CVRx by 17.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 814,943 shares of the company’s stock worth $5,786,000 after buying an additional 118,683 shares in the last quarter. 75.27% of the stock is currently owned by hedge funds and other institutional investors.

About CVRx

CVRx, Inc is a clinical-stage medical device company focused on developing a neuromodulation platform therapy for patients with cardiovascular disease. The company’s flagship product, the Barostim™ system, delivers targeted electrical stimulation to the carotid baroreceptors with the goal of modulating the body’s natural blood pressure control mechanisms. This minimally invasive, implantable therapy is designed to address unmet needs in individuals suffering from hypertension and heart failure.

The Barostim system is currently being evaluated in multiple clinical trials, including studies in resistant hypertension and advanced heart failure.