Piper Sandler Reiterates “Overweight” Rating for CVRx (NASDAQ:CVRX)

Piper Sandler reaffirmed their overweight rating on shares of CVRx (NASDAQ:CVRX) in a research report released on Wednesday, Benzinga reports. The firm currently has a $16.00 target price on the stock, up from their prior target price of $13.00.

Several other research analysts have also recently commented on the stock. Canaccord Genuity Group raised their target price on shares of CVRx from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Lake Street Capital reiterated a “buy” rating and issued a $12.00 price target on shares of CVRx in a research note on Monday, August 26th. Craig Hallum decreased their price target on shares of CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of CVRx in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

CVRx Trading Up 2.1 %

Shares of CVRx stock opened at $13.40 on Wednesday. The company’s fifty day simple moving average is $9.15 and its 200-day simple moving average is $9.54. The company has a current ratio of 10.08, a quick ratio of 8.85 and a debt-to-equity ratio of 0.53. The company has a market cap of $291.99 million, a price-to-earnings ratio of -4.96 and a beta of 1.26. CVRx has a 1 year low of $6.40 and a 1 year high of $33.13.

CVRx (NASDAQ:CVRX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.12). CVRx had a negative return on equity of 88.85% and a negative net margin of 123.75%. The company had revenue of $13.37 million during the quarter, compared to the consensus estimate of $13.28 million. During the same period in the prior year, the firm posted ($0.43) earnings per share. As a group, sell-side analysts expect that CVRx will post -2.56 EPS for the current year.

Insider Activity

In other CVRx news, CEO Kevin Hykes purchased 30,000 shares of the stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $8.36 per share, with a total value of $250,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 30,000 shares in the company, valued at $250,800. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders purchased 38,500 shares of company stock valued at $322,545. Insiders own 18.90% of the company’s stock.

Hedge Funds Weigh In On CVRx

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in CVRx during the third quarter valued at approximately $108,000. Rhumbline Advisers raised its stake in shares of CVRx by 28.8% during the 2nd quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock worth $207,000 after acquiring an additional 3,863 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in CVRx in the second quarter valued at about $218,000. International Assets Investment Management LLC acquired a new position in CVRx during the 3rd quarter valued at approximately $338,000. Finally, FourWorld Capital Management LLC purchased a new position in shares of CVRx in the first quarter worth about $374,000. Hedge funds and other institutional investors own 75.27% of the company’s stock.

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.