Brokerages Set CVRx, Inc. (NASDAQ:CVRX) Target Price at $13.17

Shares of CVRx, Inc. (NASDAQ:CVRX) have been assigned an average rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $11.40.

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of CVRx in a research note on Monday, December 29th. Cantor Fitzgerald boosted their target price on CVRx from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, Canaccord Genuity Group raised their price target on CVRx from $9.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, November 6th.

Insider Buying and Selling

In other CVRx news, major shareholder & Johnson Johnson sold 52,332 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $10.21, for a total transaction of $534,309.72. Following the sale, the insider directly owned 4,051,098 shares in the company, valued at approximately $41,361,710.58. The trade was a 1.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 56,232 shares of company stock valued at $573,442 over the last three months. 13.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVRX. Rhumbline Advisers lifted its position in shares of CVRx by 13.0% during the 1st quarter. Rhumbline Advisers now owns 19,018 shares of the company’s stock valued at $233,000 after acquiring an additional 2,192 shares during the period. AlphaQuest LLC increased its stake in CVRx by 114.6% in the 2nd quarter. AlphaQuest LLC now owns 13,106 shares of the company’s stock valued at $77,000 after purchasing an additional 6,998 shares in the last quarter. Corton Capital Inc. acquired a new position in CVRx during the second quarter worth $176,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in CVRx by 120.0% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,032 shares of the company’s stock worth $171,000 after purchasing an additional 15,837 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in CVRx by 6.4% during the second quarter. Geode Capital Management LLC now owns 382,437 shares of the company’s stock worth $2,249,000 after purchasing an additional 23,079 shares in the last quarter. 75.27% of the stock is currently owned by institutional investors and hedge funds.

CVRx Trading Up 8.6%

Shares of CVRX stock opened at $6.56 on Friday. The business’s 50 day moving average is $8.04 and its two-hundred day moving average is $8.19. CVRx has a twelve month low of $4.30 and a twelve month high of $18.20. The company has a market capitalization of $171.94 million, a P/E ratio of -3.25 and a beta of 1.31. The company has a current ratio of 9.62, a quick ratio of 8.60 and a debt-to-equity ratio of 1.03.

CVRx (NASDAQ:CVRX) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.01. CVRx had a negative return on equity of 84.45% and a negative net margin of 92.95%.The business had revenue of $14.69 million during the quarter, compared to analysts’ expectations of $14.16 million. Equities analysts forecast that CVRx will post -1.91 EPS for the current year.

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.