enVVeno Medical (NASDAQ:NVNO) Announces Quarterly Earnings Results, Beats Estimates By $2.51 EPS

enVVeno Medical (NASDAQ:NVNO) issued its earnings results on Thursday. The company reported ($5.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($8.40) by $2.51, Zacks reports.

enVVeno Medical Stock Down 2.7%

Shares of NASDAQ NVNO opened at $9.94 on Friday. The company’s fifty day simple moving average is $11.13 and its 200 day simple moving average is $13.09. The firm has a market cap of $6.66 million, a PE ratio of -0.26 and a beta of 1.08. enVVeno Medical has a 12-month low of $8.67 and a 12-month high of $196.70.

Institutional Investors Weigh In On enVVeno Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC bought a new position in enVVeno Medical in the 2nd quarter worth approximately $5,127,000. Jane Street Group LLC boosted its position in shares of enVVeno Medical by 149.2% during the 4th quarter. Jane Street Group LLC now owns 178,855 shares of the company’s stock valued at $57,000 after acquiring an additional 107,084 shares during the last quarter. Creative Planning bought a new position in shares of enVVeno Medical during the 2nd quarter valued at approximately $54,000. Finally, Geode Capital Management LLC boosted its position in shares of enVVeno Medical by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock valued at $796,000 after acquiring an additional 2,211 shares during the last quarter. 34.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of enVVeno Medical in a research note on Friday, March 27th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

About enVVeno Medical

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.