CVRx (NASDAQ:CVRX) Price Target Lowered to $5.00 at Cantor Fitzgerald

CVRx (NASDAQ:CVRX) had its price objective lowered by equities research analysts at Cantor Fitzgerald from $13.00 to $5.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 62.34% from the company’s previous close.

A number of other brokerages have also issued reports on CVRX. Piper Sandler lowered shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 price objective for the company. in a report on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a report on Monday, August 3rd. Wall Street Zen cut shares of CVRx from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Craig Hallum downgraded shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 price target for the company. in a research note on Friday, August 7th. Finally, Lake Street Capital lowered shares of CVRx from a “buy” rating to a “hold” rating and cut their price target for the stock from $14.00 to $3.50 in a report on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.30.

CVRx Price Performance

Shares of CVRX opened at $3.08 on Monday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 6.87 and a current ratio of 8.04. CVRx has a 52 week low of $2.20 and a 52 week high of $11.30. The stock has a market capitalization of $82.05 million, a price-to-earnings ratio of -1.56 and a beta of 0.81. The stock has a fifty day moving average of $4.92 and a 200-day moving average of $6.37.

CVRx (NASDAQ:CVRX) last posted its earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.01). The firm had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. CVRx had a negative net margin of 84.93% and a negative return on equity of 152.35%. As a group, sell-side analysts anticipate that CVRx will post -1.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Brent Binkowski bought 26,223 shares of CVRx stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average cost of $2.91 per share, for a total transaction of $76,308.93. Following the completion of the acquisition, the chief operating officer directly owned 56,514 shares of the company’s stock, valued at approximately $164,455.74. The trade was a 86.57% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 16.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CVRX. Johnson & Johnson acquired a new stake in CVRx during the 2nd quarter worth about $20,687,786,000. BlackRock Inc. acquired a new position in shares of CVRx in the 2nd quarter valued at about $6,402,000. GSK plc acquired a new position in shares of CVRx in the 4th quarter valued at about $7,154,000. Royal Bank of Canada boosted its position in shares of CVRx by 6,559.3% during the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock valued at $6,688,000 after purchasing an additional 696,334 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in shares of CVRx by 65.5% during the 2nd quarter. Balyasny Asset Management L.P. now owns 674,685 shares of the company’s stock valued at $3,967,000 after purchasing an additional 267,063 shares in the last quarter. Institutional investors own 75.27% of the company’s stock.

About CVRx

CVRx, Inc is a clinical-stage medical device company focused on developing a neuromodulation platform therapy for patients with cardiovascular disease. The company’s flagship product, the Barostim™ system, delivers targeted electrical stimulation to the carotid baroreceptors with the goal of modulating the body’s natural blood pressure control mechanisms. This minimally invasive, implantable therapy is designed to address unmet needs in individuals suffering from hypertension and heart failure.

The Barostim system is currently being evaluated in multiple clinical trials, including studies in resistant hypertension and advanced heart failure.