Neovasc Inc. (NVCN) Announces Earnings Results, Misses Estimates By $0.02 EPS
Neovasc Inc. (NASDAQ:NVCN) announced its quarterly earnings results on Thursday. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.02, Morningstar.com reports. The firm had revenue of $1.31 million during the quarter, compared to the consensus estimate of $1.40 million. Neovasc had a negative return on equity of 25.08% and a negative net margin of 928.66%.
Neovasc (NVCN) traded down 3.57% during trading on Friday, reaching $1.08. 217,790 shares of the company’s stock traded hands. The firm’s market cap is $85.21 million. Neovasc has a one year low of $0.45 and a one year high of $3.34. The company has a 50 day moving average of $1.26 and a 200 day moving average of $1.44.
Separately, Zacks Investment Research cut shares of Neovasc from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 12th.
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Several large investors have recently added to or reduced their stakes in NVCN. Gagnon Securities LLC increased its stake in Neovasc by 5.2% in the second quarter. Gagnon Securities LLC now owns 3,023,087 shares of the medical equipment provider’s stock worth $4,172,000 after buying an additional 149,642 shares during the period. West Family Investments Inc. increased its stake in Neovasc by 50.0% in the first quarter. West Family Investments Inc. now owns 3,000,010 shares of the medical equipment provider’s stock worth $4,590,000 after buying an additional 1,000,010 shares during the period. Gagnon Advisors LLC increased its stake in Neovasc by 0.5% in the second quarter. Gagnon Advisors LLC now owns 1,212,850 shares of the medical equipment provider’s stock worth $1,674,000 after buying an additional 5,671 shares during the period. Iguana Healthcare Management LLC purchased a new stake in Neovasc during the first quarter worth approximately $505,000. Finally, Virtu KCG Holdings LLC purchased a new stake in Neovasc during the second quarter worth approximately $149,000. 19.26% of the stock is owned by hedge funds and other institutional investors.
Neovasc Inc (Neovasc) is a specialty medical device company. The Company develops, manufactures and markets products for the cardiovascular marketplace. The Company’s segment is the development, manufacture and marketing of medical devices. Its products include the Tiara technology in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer for the treatment of refractory angina, and tissue products.
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