CVRx (NASDAQ:CVRX) Price Target Cut to $17.00

CVRx (NASDAQ:CVRX) had its target price cut by equities researchers at Canaccord Genuity Group from $30.00 to $17.00 in a report released on Thursday, The Fly reports. Canaccord Genuity Group’s target price indicates a potential upside of 79.51% from the stock’s previous close.

Separately, Zacks Investment Research upgraded CVRx from a “sell” rating to a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, CVRx has an average rating of “Buy” and a consensus target price of $22.37.

NASDAQ:CVRX opened at $9.47 on Thursday. CVRx has a twelve month low of $8.88 and a twelve month high of $29.00. The stock’s fifty day simple moving average is $12.59. The company has a quick ratio of 20.03, a current ratio of 20.42 and a debt-to-equity ratio of 0.10.

CVRx (NASDAQ:CVRX) last released its earnings results on Thursday, November 4th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.08. The business had revenue of $3.40 million for the quarter, compared to the consensus estimate of $3.42 million. On average, sell-side analysts anticipate that CVRx will post -4.01 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Johnson & Johnson bought a new stake in shares of CVRx in the third quarter valued at about $57,817,000. VR Adviser LLC purchased a new position in CVRx in the second quarter valued at about $17,734,000. Price T Rowe Associates Inc. MD purchased a new position in CVRx in the second quarter valued at about $16,800,000. Millennium Management LLC grew its stake in CVRx by 97.7% in the third quarter. Millennium Management LLC now owns 561,653 shares of the company’s stock valued at $9,290,000 after purchasing an additional 277,568 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust grew its stake in CVRx by 89.0% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 492,020 shares of the company’s stock valued at $8,138,000 after purchasing an additional 231,740 shares during the last quarter. Hedge funds and other institutional investors own 69.43% of the company’s stock.

About CVRx

CVRx, Inc develops an implantable technology for the treatment of high blood pressure/hypertension and heart failure patients. It offers BAROSTIM NEO, a neuro-modulation therapy that triggers the body's natural reflex to regulate blood pressure and the underlying causes of the progression of heart failure, which is delivered through a long-lasting implant system, and customized to each patient's individual therapy needs.

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