Neovasc (NASDAQ:NVCN) Upgraded to “Buy” by Zacks Investment Research

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Zacks Investment Research upgraded shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Zacks.com reports. The firm currently has $5.25 target price on the medical equipment provider’s stock.

According to Zacks, “Neovasc Inc. is a specialty medical device company. It develops, manufactures and markets products for the cardiovascular marketplace. The Company’s products include the Tiara (TM) mitral valve prosthesis in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer (TM) for the treatment of refractory angina and a line of advanced biological tissue products that are used as key components in third-party medical products, including transcatheter heart valves. Neovasc Inc. is headquartered in Richmond, Canada. “

Separately, ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd.

NVCN stock opened at $4.00 on Thursday. Neovasc has a fifty-two week low of $3.72 and a fifty-two week high of $45.80. The stock’s 50 day moving average price is $1.43.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its earnings results on Thursday, May 9th. The medical equipment provider reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.13). The business had revenue of $0.59 million during the quarter, compared to analysts’ expectations of $0.40 million. As a group, sell-side analysts expect that Neovasc will post -6 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in Neovasc stock. Wedbush Securities Inc. purchased a new position in Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 126,000 shares of the medical equipment provider’s stock, valued at approximately $53,000. Wedbush Securities Inc. owned about 0.20% of Neovasc as of its most recent SEC filing. Hedge funds and other institutional investors own 9.98% of the company’s stock.

About Neovasc

Neovasc Inc, a specialty medical device company, develops, manufactures, and markets cardiovascular devices worldwide. Its products include the Tiara technology for the transcatheter treatment of mitral valve disease; and the Neovasc Reducer for the treatment of refractory angina. The company also provides Peripatch tissue products.

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