CVRx (NASDAQ:CVRX) Stock Price Down 9.9% – Here’s What Happened

Shares of CVRx, Inc. (NASDAQ:CVRX) dropped 9.9% on Monday . The company traded as low as $6.96 and last traded at $7.31. Approximately 320,963 shares changed hands during trading, an increase of 82% from the average daily volume of 176,804 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

A number of analysts recently commented on the company. Canaccord Genuity Group lifted their price objective on CVRx from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Cantor Fitzgerald raised their target price on shares of CVRx from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of CVRx in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.17.

CVRx Trading Down 9.9%

The company’s fifty day simple moving average is $8.66 and its two-hundred day simple moving average is $8.25. The company has a market capitalization of $191.60 million, a price-to-earnings ratio of -3.62 and a beta of 1.31. The company has a quick ratio of 8.60, a current ratio of 9.62 and a debt-to-equity ratio of 1.03.

CVRx (NASDAQ:CVRX) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.01. The business had revenue of $14.69 million during the quarter, compared to analysts’ expectations of $14.16 million. CVRx had a negative net margin of 92.95% and a negative return on equity of 84.45%. Research analysts forecast that CVRx, Inc. will post -1.91 earnings per share for the current fiscal year.

Insider Activity at CVRx

In other news, major shareholder & Johnson Johnson sold 52,332 shares of CVRx stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $10.21, for a total transaction of $534,309.72. Following the transaction, the insider owned 4,051,098 shares in the company, valued at $41,361,710.58. The trade was a 1.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 56,232 shares of company stock worth $573,442 over the last quarter. Company insiders own 18.90% of the company’s stock.

Institutional Trading of CVRx

Hedge funds have recently bought and sold shares of the stock. Mount Lucas Management LP bought a new position in CVRx in the second quarter valued at approximately $30,000. Intech Investment Management LLC acquired a new stake in shares of CVRx during the second quarter worth $59,000. AlphaQuest LLC lifted its position in CVRx by 114.6% in the 2nd quarter. AlphaQuest LLC now owns 13,106 shares of the company’s stock valued at $77,000 after acquiring an additional 6,998 shares in the last quarter. Philadelphia Trust Co. acquired a new position in CVRx in the 2nd quarter worth $88,000. Finally, Inscription Capital LLC acquired a new position in CVRx in the 3rd quarter worth $139,000. 75.27% of the stock is currently owned by institutional investors and hedge funds.

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.