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

CVRx (NASDAQ:CVRX) had its target price trimmed by Canaccord Genuity Group from $32.00 to $14.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Craig Hallum began coverage on shares of CVRx in a research report on Wednesday. They set a buy rating and a $23.00 price objective for the company. JPMorgan Chase & Co. downgraded 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 note on Wednesday. Piper Sandler decreased their price objective on CVRx from $33.00 to $15.00 and set an overweight rating on the stock in a report on Wednesday. Finally, William Blair downgraded CVRx from an outperform rating to a market perform rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $16.60.

CVRx Stock Performance

NASDAQ CVRX opened at $9.22 on Wednesday. The stock has a market cap of $199.06 million, a PE ratio of -3.73 and a beta of 1.35. 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 50-day moving average of $17.85 and a 200-day moving average of $20.88. CVRx has a 52-week low of $7.77 and a 52-week high of $33.13.

Insiders Place Their Bets

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

Institutional Investors Weigh In On CVRx

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVRX. Federated Hermes Inc. bought a new position in shares of CVRx in the fourth quarter worth about $102,000. Valeo Financial Advisors LLC bought a new position in CVRx in the 1st quarter valued at approximately $346,000. Trexquant Investment LP bought a new position in CVRx in the 4th quarter valued at approximately $426,000. Kestra Advisory Services LLC acquired a new stake in CVRx in the third quarter valued at approximately $462,000. Finally, Jump Financial LLC bought a new stake in shares of CVRx during the fourth quarter worth $499,000. 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.