CVRx (NASDAQ:CVRX) Price Target Lowered to $14.00 at Canaccord Genuity Group

CVRx (NASDAQ:CVRX) had its price objective cut by Canaccord Genuity Group from $32.00 to $14.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

CVRX has been the subject of a number of other research reports. William Blair lowered CVRx from an outperform rating to a market perform rating in a research report on Wednesday. Piper Sandler reduced their price target on shares of CVRx from $33.00 to $15.00 and set an overweight rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered shares of CVRx from an overweight rating to a neutral rating and reduced their price target for the company from $36.00 to $13.00 in a research report on Wednesday. Finally, Craig Hallum started coverage on shares of CVRx in a research report on Wednesday. They set a buy rating and a $23.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, CVRx has a consensus rating of Moderate Buy and a consensus price target of $16.60.

CVRx Price Performance

Shares of NASDAQ:CVRX opened at $10.12 on Wednesday. CVRx has a fifty-two week low of $7.77 and a fifty-two week high of $33.13. The business has a 50-day simple moving average of $18.62 and a two-hundred day simple moving average of $21.07. The company has a debt-to-equity ratio of 0.38, a quick ratio of 12.86 and a current ratio of 14.25. The firm has a market cap of $218.54 million, a price-to-earnings ratio of -5.11 and a beta of 1.29.

Insider Activity at CVRx

In related news, insider Paul Verrastro sold 2,545 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.91, for a total transaction of $55,760.95. Following the completion of the transaction, the insider now directly owns 2,455 shares in the company, valued at approximately $53,789.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Paul Verrastro sold 2,545 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.91, for a total transaction of $55,760.95. Following the completion of the transaction, the insider now directly owns 2,455 shares in the company, valued at approximately $53,789.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder & Johnson Johnson sold 3,725 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $25.81, for a total value of $96,142.25. Following the transaction, the insider now owns 4,099,575 shares of the company’s stock, valued at $105,810,030.75. The disclosure for this sale can be found here. 18.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Kestra Advisory Services LLC bought a new position in shares of CVRx during the 3rd quarter valued at approximately $462,000. Schonfeld Strategic Advisors LLC boosted its stake in CVRx by 47.2% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 59,900 shares of the company’s stock worth $909,000 after purchasing an additional 19,200 shares during the period. GSG Advisors LLC bought a new position in CVRx in the 3rd quarter worth approximately $2,435,000. Lord Abbett & CO. LLC bought a new position in CVRx in the 3rd quarter worth approximately $7,116,000. Finally, Emerald Advisers LLC boosted its stake in CVRx by 1.3% in the 3rd quarter. Emerald Advisers LLC now owns 501,073 shares of the company’s stock worth $7,601,000 after purchasing an additional 6,419 shares during the period. 75.27% of the stock is currently owned by institutional investors.

About CVRx

CVRx, Inc, a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. The company offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction or systolic heart failure.