Johnson & Johnson Invests $20.69 Billion in CVRx, Inc. $CVRX

Johnson & Johnson acquired a new stake in CVRx, Inc. (NASDAQ:CVRX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,024,861 shares of the company’s stock, valued at approximately $20,687,786,000. CVRx makes up approximately 2.6% of Johnson & Johnson’s portfolio, making the stock its 7th largest holding. Johnson & Johnson owned 15.17% of CVRx at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in CVRx by 1.2% during the third quarter. Vanguard Group Inc. now owns 1,090,226 shares of the company’s stock worth $8,798,000 after acquiring an additional 12,948 shares in the last quarter. GSK plc bought a new position in CVRx in the fourth quarter valued at approximately $7,154,000. Balyasny Asset Management L.P. grew its stake in CVRx by 17.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 814,943 shares of the company’s stock valued at $5,786,000 after purchasing an additional 118,683 shares in the last quarter. Royal Bank of Canada increased its position in shares of CVRx by 6,559.3% during the 1st quarter. Royal Bank of Canada now owns 706,950 shares of the company’s stock worth $6,688,000 after purchasing an additional 696,334 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of CVRx by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 382,437 shares of the company’s stock worth $2,249,000 after purchasing an additional 23,079 shares during the last quarter. Institutional investors own 75.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CVRX shares. Wall Street Zen downgraded CVRx from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Craig Hallum downgraded shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a report on Friday, August 7th. Lake Street Capital lowered shares of CVRx from a “buy” rating to a “hold” rating and dropped their price target for the stock from $14.00 to $3.50 in a research report on Friday, August 7th. Piper Sandler cut shares of CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 price target for the company. in a research note on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of CVRx in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.90.

Insiders Place Their Bets

In other CVRx news, COO Brent Binkowski purchased 26,223 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average price of $2.91 per share, for a total transaction of $76,308.93. Following the purchase, the chief operating officer owned 56,514 shares in the company, valued at approximately $164,455.74. The trade was a 86.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 16.60% of the company’s stock.

CVRx Price Performance

Shares of NASDAQ CVRX opened at $3.08 on Friday. The business’s 50 day moving average price is $4.92 and its two-hundred day moving average price is $6.37. The company has a market cap of $82.05 million, a PE ratio of -1.56 and a beta of 0.81. The company has a quick ratio of 6.87, a current ratio of 8.04 and a debt-to-equity ratio of 2.94. CVRx, Inc. has a twelve month low of $2.20 and a twelve month high of $11.30.

CVRx (NASDAQ:CVRX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.01). CVRx had a negative net margin of 84.93% and a negative return on equity of 152.35%. The business had revenue of $15.71 million during the quarter, compared to the consensus estimate of $15.55 million. On average, analysts predict that CVRx, Inc. will post -1.97 EPS for the current year.

About CVRx

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.