enVVeno Medical (NASDAQ:NVNO) Announces Earnings Results

enVVeno Medical (NASDAQ:NVNO) released its earnings results on Thursday. The company reported ($5.37) EPS for the quarter, missing the consensus estimate of ($4.69) by ($0.68), FiscalAI reports.

enVVeno Medical Trading Up 1.2%

Shares of NASDAQ:NVNO traded up $0.13 during midday trading on Thursday, hitting $10.53. The company had a trading volume of 2,356 shares, compared to its average volume of 23,114. enVVeno Medical has a 12 month low of $8.67 and a 12 month high of $179.55. The firm has a fifty day simple moving average of $10.69 and a 200 day simple moving average of $10.78. The stock has a market cap of $7.03 million, a price-to-earnings ratio of -0.41 and a beta of 1.09.

Hedge Funds Weigh In On enVVeno Medical

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of enVVeno Medical by 1.1% during the second quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock worth $796,000 after purchasing an additional 2,211 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of enVVeno Medical during the 2nd quarter worth approximately $51,000. Creative Planning acquired a new position in enVVeno Medical in the 2nd quarter valued at about $54,000. Finally, Perceptive Advisors LLC bought a new position in enVVeno Medical during the 2nd quarter worth $5,127,000. Institutional investors and hedge funds own 34.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Zacks Research upgraded enVVeno Medical to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings downgraded shares of enVVeno Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 30th. Finally, LADENBURG THALM/SH SH raised shares of enVVeno Medical from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, enVVeno Medical currently has a consensus rating of “Hold”.

enVVeno Medical Company Profile

enVVeno Medical, Inc is a clinical‐stage medical device company focused on the development and commercialization of subcutaneous vascular access systems for patients requiring repeated or long‐term intravenous therapy. Through its proprietary Freedom® platform, the company aims to offer an implantable alternative to traditional peripherally inserted central catheters (PICCs) and external tunneled catheters, addressing complications such as infection risk, dislodgement and patient discomfort.

The company’s lead product candidate, the Freedom PICC System, consists of a low‐profile, subcutaneous port connected to a flexible catheter designed for peripheral insertion.