Corindus Vascular Robotics (CVRS) Raised to Buy at Zacks Investment Research

Corindus Vascular Robotics (NYSEAMERICAN:CVRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm currently has a $1.50 target price on the medical equipment provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.64% from the stock’s previous close.

According to Zacks, “Corindus Vascular Robotics, Inc. is involved in designing, manufacturing and selling precision vascular robotic-assisted systems for interventional vascular procedures. The Company’s product includes CorPath 200 system a vascular robotic system which provide stent placement in percutaneous coronary intervention procedures. Corindus Vascular Robotics, Inc. is based in Waltham, Massachusetts. “

Separately, Stifel Nicolaus lowered Corindus Vascular Robotics from a “buy” rating to a “hold” rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, August 8th.

Shares of NYSEAMERICAN:CVRS traded up $0.07 during trading on Friday, hitting $1.32. The stock had a trading volume of 606,875 shares, compared to its average volume of 973,573. Corindus Vascular Robotics has a 12-month low of $0.69 and a 12-month high of $1.65.

Corindus Vascular Robotics (NYSEAMERICAN:CVRS) last announced its quarterly earnings data on Tuesday, November 6th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $2.96 million during the quarter, compared to analysts’ expectations of $3.20 million.

In related news, Director Louis A. Cannon bought 31,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were purchased at an average cost of $0.96 per share, with a total value of $29,760.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Louis A. Cannon bought 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The shares were bought at an average cost of $1.02 per share, for a total transaction of $30,600.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 91,000 shares of company stock worth $90,060.

A number of institutional investors have recently bought and sold shares of CVRS. Nomura Holdings Inc. grew its holdings in Corindus Vascular Robotics by 151.2% in the second quarter. Nomura Holdings Inc. now owns 1,248,740 shares of the medical equipment provider’s stock valued at $1,031,000 after purchasing an additional 751,699 shares during the period. Jane Street Group LLC grew its holdings in Corindus Vascular Robotics by 1,328.2% in the second quarter. Jane Street Group LLC now owns 232,855 shares of the medical equipment provider’s stock valued at $192,000 after purchasing an additional 216,551 shares during the period. Millennium Management LLC grew its holdings in Corindus Vascular Robotics by 62.6% in the second quarter. Millennium Management LLC now owns 3,974,681 shares of the medical equipment provider’s stock valued at $3,282,000 after purchasing an additional 1,529,737 shares during the period. Paloma Partners Management Co acquired a new stake in Corindus Vascular Robotics in the second quarter valued at approximately $409,000. Finally, LMR Partners LLP acquired a new stake in Corindus Vascular Robotics in the second quarter valued at approximately $218,000.

About Corindus Vascular Robotics

Corindus Vascular Robotics, Inc designs, manufactures, and sells robotic-assisted precision vascular systems for use in interventional vascular procedures in the United States and internationally. The company offers CorPath system, a medical device with robotic-assisted precision for radial, coronary, and peripheral procedures.

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