State Street Corp Purchases 27,071 Shares of CVRx, Inc. (NASDAQ:CVRX)

State Street Corp increased its holdings in CVRx, Inc. (NASDAQ:CVRX) by 11.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 264,733 shares of the company’s stock after acquiring an additional 27,071 shares during the quarter. State Street Corp’s holdings in CVRx were worth $2,332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Parkman Healthcare Partners LLC raised its holdings in shares of CVRx by 52.6% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 682,897 shares of the company’s stock valued at $6,016,000 after purchasing an additional 235,277 shares in the last quarter. Centiva Capital LP purchased a new position in CVRx during the third quarter valued at approximately $178,000. PDT Partners LLC bought a new position in CVRx in the third quarter worth approximately $543,000. International Assets Investment Management LLC purchased a new stake in CVRx during the third quarter worth $338,000. Finally, SG Americas Securities LLC bought a new stake in CVRx during the 3rd quarter valued at $108,000. 75.27% of the stock is currently owned by institutional investors.

CVRx Stock Performance

CVRX opened at $12.67 on Wednesday. The company has a market cap of $307.42 million, a P/E ratio of -4.69 and a beta of 1.20. The company has a quick ratio of 10.23, a current ratio of 11.32 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $13.59 and its 200-day moving average price is $10.77. CVRx, Inc. has a 52-week low of $6.40 and a 52-week high of $32.43.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.12). The company had revenue of $13.37 million for the quarter, compared to analyst estimates of $13.28 million. CVRx had a negative net margin of 123.75% and a negative return on equity of 89.06%. During the same quarter in the previous year, the company posted ($0.43) EPS. As a group, equities analysts anticipate that CVRx, Inc. will post -2.62 EPS for the current fiscal year.

Analysts Set New Price Targets

CVRX has been the subject of several recent research reports. Lake Street Capital boosted their price target on CVRx from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on shares of CVRx from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of CVRx in a report on Wednesday, October 23rd. Piper Sandler reiterated an “overweight” rating and set a $16.00 price objective (up previously from $13.00) on shares of CVRx in a research note on Wednesday, October 30th. Finally, Craig Hallum raised their target price on shares of CVRx from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, CVRx presently has an average rating of “Moderate Buy” and a consensus price target of $16.67.

CVRx Profile

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.