Neovasc Inc. (NVCN) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Neovasc Inc. (NASDAQ:NVCN) (TSE:NVC) from a buy rating to a hold rating in a research note published on Wednesday, October 18th.

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. “

Neovasc (NASDAQ NVCN) opened at 1.50 on Wednesday. The company has a 50 day moving average price of $1.52 and a 200-day moving average price of $1.39. The firm’s market capitalization is $118.37 million. Neovasc has a 1-year low of $0.46 and a 1-year high of $3.34.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its earnings results 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). Neovasc had a negative net margin of 68.34% and a negative return on equity of 58.08%. The business had revenue of $1.31 million for the quarter, compared to analyst estimates of $1.40 million. On average, analysts forecast that Neovasc will post ($0.34) EPS for the current fiscal year.

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Hedge funds have recently bought and sold shares of the stock. Gagnon Securities LLC boosted its holdings in Neovasc by 5.2% in the 2nd quarter. Gagnon Securities LLC now owns 3,023,087 shares of the medical equipment provider’s stock worth $4,172,000 after buying an additional 149,642 shares during the last quarter. Capital World Investors boosted its holdings in Neovasc by 9.1% in the 2nd quarter. Capital World Investors now owns 6,294,667 shares of the medical equipment provider’s stock worth $8,737,000 after buying an additional 522,864 shares during the last quarter. Gagnon Advisors LLC boosted its holdings in Neovasc by 0.5% in the 2nd quarter. Gagnon Advisors LLC now owns 1,212,850 shares of the medical equipment provider’s stock worth $1,674,000 after buying an additional 5,671 shares during the last quarter. Finally, Virtu KCG Holdings LLC acquired a new stake in Neovasc in the 2nd quarter worth about $149,000. Institutional investors own 19.53% 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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