CVRx (NASDAQ:CVRX) PT Lowered to $18.00

CVRx (NASDAQ:CVRX) had its target price lowered by Lake Street Capital from $35.00 to $18.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Craig Hallum assumed coverage on CVRx in a research note on Wednesday. They issued a buy rating and a $23.00 price target for the company. Piper Sandler cut their price objective on CVRx from $33.00 to $15.00 and set an overweight rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. downgraded shares of CVRx from an overweight rating to a neutral rating and dropped their price target for the stock from $36.00 to $13.00 in a research report on Wednesday. William Blair downgraded shares of CVRx from an outperform rating to a market perform rating in a research note on Wednesday. Finally, Canaccord Genuity Group dropped their target price on shares of CVRx from $32.00 to $14.00 and set a buy rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $16.60.

CVRx Price Performance

CVRX stock opened at $9.22 on Wednesday. The stock has a market cap of $199.06 million, a price-to-earnings ratio of -3.73 and a beta of 1.35. The company has a debt-to-equity ratio of 0.38, a current ratio of 14.25 and a quick ratio of 12.86. The company has a 50 day simple moving average of $17.85 and a 200 day simple moving average of $20.88. CVRx has a 1 year low of $7.77 and a 1 year high of $33.13.

Insider Activity

In related news, major shareholder & Johnson Johnson sold 3,725 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $25.81, for a total transaction of $96,142.25. Following the transaction, the insider now directly owns 4,099,575 shares of the company’s stock, valued at approximately $105,810,030.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, major shareholder & Johnson Johnson sold 3,725 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $25.81, for a total transaction of $96,142.25. Following the completion of the sale, the insider now directly owns 4,099,575 shares of the company’s stock, valued at $105,810,030.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Verrastro sold 2,545 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $21.91, for a total value of $55,760.95. Following the completion of the transaction, the insider now owns 2,455 shares in the company, valued at approximately $53,789.05. The disclosure for this sale can be found here. 18.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CVRx

A number of hedge funds have recently bought and sold shares of CVRX. Emerald Advisers LLC increased its position in shares of CVRx by 1.3% during the third quarter. Emerald Advisers LLC now owns 501,073 shares of the company’s stock valued at $7,601,000 after acquiring an additional 6,419 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in CVRx during the third quarter valued at about $7,116,000. Emerald Mutual Fund Advisers Trust increased its holdings in CVRx by 4.1% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 430,844 shares of the company’s stock worth $6,536,000 after buying an additional 16,808 shares during the last quarter. Parkman Healthcare Partners LLC grew its position in shares of CVRx by 8.0% during the 4th quarter. Parkman Healthcare Partners LLC now owns 240,000 shares of the company’s stock valued at $7,546,000 after acquiring an additional 17,880 shares during the period. Finally, GSG Advisors LLC purchased a new stake in shares of CVRx during the 3rd quarter worth approximately $2,435,000. 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.