Canaccord Genuity Group Increases CVRx (NASDAQ:CVRX) Price Target to $17.00

CVRx (NASDAQ:CVRX) had its target price upped by research analysts at Canaccord Genuity Group from $15.00 to $17.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 23.01% from the company’s current price.

Several other equities analysts have also issued reports on CVRX. Craig Hallum decreased their price target on CVRx from $23.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. 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. Piper Sandler reiterated an “overweight” rating and issued a $16.00 price target (up previously from $13.00) on shares of CVRx in a research note on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of CVRx in a research report 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

CVRx Price Performance

NASDAQ CVRX traded up $3.08 during midday trading on Wednesday, hitting $13.82. The company had a trading volume of 1,062,516 shares, compared to its average volume of 270,101. The company has a market capitalization of $301.08 million, a PE ratio of -5.15 and a beta of 1.26. 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 firm has a 50-day moving average price of $8.85 and a 200-day moving average price of $9.55. CVRx has a twelve month low of $6.40 and a twelve month high of $33.13.

CVRx (NASDAQ:CVRX) last announced its quarterly earnings data on Monday, July 29th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.14). The company had revenue of $11.81 million during the quarter, compared to analyst estimates of $11.84 million. CVRx had a negative net margin of 122.52% and a negative return on equity of 77.62%. During the same period in the prior year, the firm earned ($0.56) earnings per share. As a group, analysts anticipate that CVRx will post -2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at CVRx

In related news, CEO Kevin Hykes purchased 30,000 shares of CVRx stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $8.36 per share, for a total transaction of $250,800.00. Following the transaction, the chief executive officer now owns 30,000 shares of the company’s stock, valued at approximately $250,800. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have purchased 38,500 shares of company stock worth $322,545. Insiders own 18.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CVRX. SG Americas Securities LLC acquired a new position in shares of CVRx in the 3rd quarter valued at about $108,000. Rhumbline Advisers lifted its stake in shares of CVRx by 28.8% in the 2nd quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock valued at $207,000 after purchasing an additional 3,863 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of CVRx in the 2nd quarter valued at about $218,000. International Assets Investment Management LLC acquired a new position in shares of CVRx in the 3rd quarter valued at about $338,000. Finally, FourWorld Capital Management LLC acquired a new position in shares of CVRx in the 1st quarter valued at about $374,000. 75.27% of the stock is owned by institutional investors and hedge funds.

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.