CVRx, Inc. (NASDAQ:CVRX) Sees Significant Increase in Short Interest

CVRx, Inc. (NASDAQ:CVRX) was the target of a large increase in short interest during the month of February. As of February 27th, there was short interest totaling 1,932,071 shares, an increase of 28.1% from the February 12th total of 1,508,055 shares. Based on an average daily trading volume, of 589,427 shares, the days-to-cover ratio is currently 3.3 days. Currently, 9.1% of the shares of the company are short sold. Currently, 9.1% of the shares of the company are short sold. Based on an average daily trading volume, of 589,427 shares, the days-to-cover ratio is currently 3.3 days.

CVRx Stock Performance

Shares of CVRX stock traded up $0.09 during mid-day trading on Friday, reaching $7.53. 238,884 shares of the company’s stock traded hands, compared to its average volume of 444,731. The company has a debt-to-equity ratio of 1.26, a quick ratio of 6.72 and a current ratio of 7.63. The firm has a market capitalization of $198.11 million, a PE ratio of -3.67 and a beta of 1.28. CVRx has a 12 month low of $4.30 and a 12 month high of $13.34. The firm has a 50 day moving average price of $6.89 and a two-hundred day moving average price of $8.05.

CVRx (NASDAQ:CVRX) last released its earnings results on Thursday, February 12th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). CVRx had a negative net margin of 94.10% and a negative return on equity of 99.32%. The company had revenue of $16.02 million for the quarter, compared to analysts’ expectations of $15.75 million. On average, research analysts forecast that CVRx will post -1.91 EPS for the current year.

Insider Transactions at CVRx

In related news, Director Mudit K. Jain purchased 46,800 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were purchased at an average price of $6.36 per share, with a total value of $297,648.00. Following the acquisition, the director directly owned 980,183 shares in the company, valued at $6,233,963.88. The trade was a 5.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.90% of the company’s stock.

Institutional Investors Weigh In On CVRx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVRX. GSK plc bought a new position in shares of CVRx in the fourth quarter worth approximately $7,154,000. Balyasny Asset Management L.P. boosted its holdings in CVRx by 65.5% in the 2nd quarter. Balyasny Asset Management L.P. now owns 674,685 shares of the company’s stock worth $3,967,000 after buying an additional 267,063 shares during the period. Marshall Wace LLP increased its stake in CVRx by 238.1% in the 2nd quarter. Marshall Wace LLP now owns 350,080 shares of the company’s stock worth $2,058,000 after buying an additional 246,548 shares in the last quarter. Jane Street Group LLC increased its stake in CVRx by 162.9% in the 4th quarter. Jane Street Group LLC now owns 225,349 shares of the company’s stock worth $1,600,000 after buying an additional 139,643 shares in the last quarter. Finally, FourWorld Capital Management LLC raised its holdings in CVRx by 563.7% during the second quarter. FourWorld Capital Management LLC now owns 124,123 shares of the company’s stock valued at $730,000 after acquiring an additional 105,422 shares during the period. Institutional investors own 75.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVRX. Canaccord Genuity Group dropped their target price on shares of CVRx from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CVRx in a research note on Monday, December 29th. Finally, Cantor Fitzgerald upgraded CVRx to a “strong-buy” rating in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, CVRx currently has an average rating of “Moderate Buy” and a consensus price target of $11.20.

CVRx Company Profile

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.