Neovasc (NASDAQ:NVCN) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a hold rating to a buy rating in a research report released on Thursday, Zacks.com reports. Zacks Investment Research currently has $5.25 price target on the medical equipment provider’s stock.

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 Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd.

NASDAQ:NVCN opened at $4.00 on Thursday. Neovasc has a 52-week low of $3.72 and a 52-week high of $45.80. The company’s fifty day simple moving average is $1.43.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $0.40 million. On average, equities analysts expect that Neovasc will post -6 EPS for the current fiscal year.

An institutional investor recently bought a new position in Neovasc stock. Wedbush Securities Inc. bought a new stake in Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 126,000 shares of the medical equipment provider’s stock, valued at approximately $53,000. Wedbush Securities Inc. owned about 0.20% of Neovasc at the end of the most recent quarter. 9.98% of the stock is currently owned by hedge funds and other institutional investors.

Neovasc Company Profile

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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