Neovasc Inc. (NASDAQ:NVCN) (TSE:NVC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $1.75 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.18% from the stock’s previous close.
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. “
Shares of Neovasc (NASDAQ:NVCN) opened at 1.56 on Wednesday. The company’s 50-day moving average price is $1.33 and its 200-day moving average price is $1.39. The firm’s market cap is $123.10 million. Neovasc has a 52-week low of $0.46 and a 52-week high of $3.34.
Neovasc (NASDAQ:NVCN) (TSE:NVC) last released its quarterly earnings data on Thursday, August 10th. The medical equipment provider reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.02). The firm had revenue of $1.31 million during the quarter, compared to the consensus estimate of $1.40 million. Neovasc had a negative net margin of 68.34% and a negative return on equity of 58.08%. Equities analysts expect that Neovasc will post ($0.34) earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in NVCN. Virtu KCG Holdings LLC bought a new position in Neovasc during the 2nd quarter worth about $149,000. Iguana Healthcare Management LLC bought a new position in Neovasc during the 1st quarter worth about $505,000. Gagnon Advisors LLC increased its holdings in Neovasc by 0.5% during the 2nd quarter. Gagnon Advisors LLC now owns 1,212,850 shares of the medical equipment provider’s stock worth $1,674,000 after purchasing an additional 5,671 shares in the last quarter. Gagnon Securities LLC increased its holdings in Neovasc by 5.2% during the 2nd quarter. Gagnon Securities LLC now owns 3,023,087 shares of the medical equipment provider’s stock worth $4,172,000 after purchasing an additional 149,642 shares in the last quarter. Finally, Capital World Investors increased its holdings in Neovasc by 9.1% during the 2nd quarter. Capital World Investors now owns 6,294,667 shares of the medical equipment provider’s stock worth $8,737,000 after purchasing an additional 522,864 shares in the last quarter. Hedge funds and other institutional investors own 19.55% of the company’s stock.
Neovasc Company Profile
Neovasc Inc (Neovasc) is a specialty medical device company. The Company develops, manufactures and markets products for the cardiovascular marketplace. The Company’s segment is the development, manufacture and marketing of medical devices. Its products include the Tiara technology in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer for the treatment of refractory angina, and tissue products.
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