Royal Bank of Canada Boosts Stock Position in CVRx, Inc. $CVRX

Royal Bank of Canada lifted its stake in CVRx, Inc. (NASDAQ:CVRX) by 6,559.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 706,950 shares of the company’s stock after purchasing an additional 696,334 shares during the period. Royal Bank of Canada’s holdings in CVRx were worth $6,688,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVRX. Alliancebernstein L.P. lifted its position in CVRx by 10.7% during the third quarter. Alliancebernstein L.P. now owns 17,560 shares of the company’s stock worth $142,000 after buying an additional 1,700 shares in the last quarter. XTX Topco Ltd purchased a new stake in CVRx in the 4th quarter valued at $90,000. Corient Private Wealth LLC purchased a new stake in CVRx in the 4th quarter valued at $81,000. Virtu Financial LLC acquired a new stake in shares of CVRx in the 4th quarter worth $79,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of CVRx in the 1st quarter worth $183,000. Institutional investors and hedge funds own 75.27% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CVRX shares. Lake Street Capital cut shares of CVRx from a “buy” rating to a “hold” rating and lowered their price target for the company from $14.00 to $3.50 in a research report on Friday, August 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 price objective on shares of CVRx in a report on Tuesday, April 14th. Craig Hallum cut shares of CVRx from a “buy” rating to a “hold” rating and set a $4.00 price objective for the company. in a research report on Friday, August 7th. Wall Street Zen downgraded shares of CVRx from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of CVRx in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, CVRx currently has an average rating of “Hold” and an average target price of $6.90.

CVRx Stock Up 9.7%

Shares of NASDAQ CVRX opened at $2.60 on Wednesday. The firm has a market cap of $69.26 million, a price-to-earnings ratio of -1.31 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 52-week low of $2.20 and a 52-week high of $11.30. The business’s 50 day moving average is $5.08 and its two-hundred day moving average is $6.45.

CVRx (NASDAQ:CVRX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.01). CVRx had a negative return on equity of 152.35% and a negative net margin of 84.93%.The firm had revenue of $15.71 million for the quarter, compared to analysts’ expectations of $15.55 million. Research analysts predict that CVRx, Inc. will post -1.94 EPS for the current year.

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.