Zacks Investment Research Lowers Neovasc (NASDAQ:NVCN) to Hold

Neovasc (NASDAQ:NVCN) (TSE:NVC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, reports.

According to Zacks, “Neovasc Inc. is a specialty medical device company. It develops, manufactures and markets products for the cardiovascular marketplace. The Company’s products include the Tiara (TM) mitral valve prosthesis in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer (TM) for the treatment of refractory angina and a line of advanced biological tissue products that are used as key components in third-party medical products, including transcatheter heart valves. Neovasc Inc. is headquartered in Richmond, Canada. “

Separately, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd.

NASDAQ NVCN opened at $4.00 on Friday. The stock’s 50 day moving average price is $1.43. Neovasc has a 1 year low of $3.72 and a 1 year high of $45.80.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its quarterly earnings results on Thursday, May 9th. The medical equipment provider reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.13). The company had revenue of $0.59 million for the quarter, compared to analyst estimates of $0.40 million. Analysts forecast that Neovasc will post -6 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in Neovasc stock. Perkins Capital Management Inc. purchased a new position in shares of Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 555,556 shares of the medical equipment provider’s stock, valued at approximately $234,000. Perkins Capital Management Inc. owned approximately 0.90% of Neovasc at the end of the most recent quarter. Hedge funds and other institutional investors own 9.98% of the company’s stock.

About Neovasc

Neovasc Inc, a specialty medical device company, develops, manufactures, and markets cardiovascular devices worldwide. Its products include the Tiara technology for the transcatheter treatment of mitral valve disease; and the Neovasc Reducer for the treatment of refractory angina. The company also provides Peripatch tissue products.

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