Brokerages Set CVRx, Inc. (NASDAQ:CVRX) Target Price at $16.60

CVRx, Inc. (NASDAQ:CVRX) has earned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $16.60.

Several equities analysts have weighed in on the company. Craig Hallum started coverage on CVRx in a report on Wednesday, May 1st. They set a “buy” rating and a $23.00 price target for the company. JPMorgan Chase & Co. cut shares of CVRx from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $36.00 to $13.00 in a research report on Wednesday, May 1st. Lake Street Capital lowered their price objective on shares of CVRx from $35.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Canaccord Genuity Group reduced 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, May 1st. Finally, William Blair downgraded shares of CVRx from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st.

CVRx Trading Up 7.1 %

CVRx stock opened at $11.17 on Thursday. CVRx has a 1 year low of $6.40 and a 1 year high of $33.13. The firm’s 50 day moving average price is $9.86 and its 200-day moving average price is $18.59. The company has a debt-to-equity ratio of 0.44, a current ratio of 12.18 and a quick ratio of 10.87. The stock has a market cap of $241.27 million, a P/E ratio of -4.52 and a beta of 1.06.

CVRx (NASDAQ:CVRX) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.51). The company had revenue of $10.77 million during the quarter, compared to the consensus estimate of $11.60 million. CVRx had a negative net margin of 123.58% and a negative return on equity of 66.05%. On average, equities analysts predict that CVRx will post -2.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CVRx

Several hedge funds have recently added to or reduced their stakes in CVRX. Johnson & Johnson boosted its position in shares of CVRx by 17.4% during the first quarter. Johnson & Johnson now owns 4,103,430 shares of the company’s stock valued at $74,723,000 after buying an additional 607,855 shares during the period. Silvercrest Asset Management Group LLC boosted its holdings in CVRx by 70.7% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 253,968 shares of the company’s stock valued at $4,625,000 after acquiring an additional 105,198 shares during the period. Vanguard Group Inc. grew its position in CVRx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock valued at $10,822,000 after acquiring an additional 31,720 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in CVRx in the third quarter worth $462,000. Finally, FourWorld Capital Management LLC bought a new stake in shares of CVRx during the first quarter worth $374,000. 75.27% of the stock is currently owned by institutional investors.

CVRx Company Profile

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.