William Plovanic, an analyst from Canaccord Genuity, maintained the Buy rating on CVRx (CVRX – Research Report). The associated price target is $30.00.
William Plovanic’s rating is based on a combination of CVRx’s performance and future outlook. The company’s preliminary Q4 revenue exceeded expectations, with a significant year-over-year increase, and the guidance for 2024 suggests continued growth. The potential for higher average selling prices due to increased reimbursement, along with anticipated label changes reflecting positive BeAT-HF data, are seen as catalysts for further revenue growth. Additionally, CVRx’s strategy to invest in commercialization following these changes is expected to drive investor interest.
Plovanic also appears to consider the announced retirement of CVRx’s CEO, Nadim Yared, as a non-disruptive event, since a search for a capable replacement is underway. The company’s strong gross margin forecast and expected operating expenses align closely with Plovanic’s estimates, indicating controlled spending and efficiency in operations. These factors collectively justify Plovanic’s Buy rating, as they indicate a solid financial position and promising growth trajectory for CVRx.
In another report released on December 27, Lake Street also reiterated a Buy rating on the stock with a $32.00 price target.
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CVRx (CVRX) Company Description:
CVRx Inc is a commercial-stage medical device company focused on developing, manufacturing, and commercializing minimally invasive neuromodulation solutions for patients with cardiovascular diseases. Its proprietary platform technology, Barostim, is designed to leverage the power of the brain to address the imbalance of the Autonomic Nervous System, which causes heart failure and other cardiovascular diseases.
Read More on CVRX:
- CVRx Reports Preliminary Fourth Quarter and Fiscal Year 2023 Financial Results and Announces Nadim Yared Retirement Plans
- CVRx to Present at the 42nd Annual J.P. Morgan Healthcare Conference
- CVRx price target raised to $32 from $21 at Lake Street
- Barostim’s label upgrade caps off successful 2023 for CVRx, says Craig-Hallum
- CVRx receives FDA approval for expanded labeling of Barostim
