Zacks Investment Research Lowers Neovasc (NASDAQ:NVCN) to Hold

Zacks Investment Research lowered shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a buy rating to a hold rating in a report issued on Friday morning, Zacks.com reports.

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. “

Separately, ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd.

NVCN opened at $3.88 on Friday. The firm has a 50-day moving average price of $1.64. Neovasc has a 1 year low of $3.72 and a 1 year high of $45.80. The firm has a market cap of $29.03 million, a P/E ratio of -0.14 and a beta of 1.43.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last released its quarterly earnings results on Thursday, May 9th. The medical equipment provider reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.13). The business had revenue of $0.59 million during the quarter, compared to analysts’ expectations of $0.40 million. Equities analysts forecast that Neovasc will post -6 earnings per share for the current fiscal year.

An institutional investor recently bought a new position in Neovasc stock. Wedbush Securities Inc. bought a new stake in Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 126,000 shares of the medical equipment provider’s stock, valued at approximately $53,000. Wedbush Securities Inc. owned about 0.20% of Neovasc as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 9.98% of the company’s stock.

Neovasc Company Profile

Neovasc Inc, a specialty medical device company, develops, manufactures, and markets cardiovascular devices worldwide. Its products include the Tiara technology for the transcatheter treatment of mitral valve disease; and the Neovasc Reducer for the treatment of refractory angina. The company also provides Peripatch tissue products.

Further Reading: Buyback For Investors Defined

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