Brokerages Expect Neovasc Inc (NASDAQ:NVCN) Will Post Quarterly Sales of $2.10 Million

Equities research analysts forecast that Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) will post $2.10 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Neovasc’s earnings. The lowest sales estimate is $800,000.00 and the highest is $3.40 million. Neovasc reported sales of $520,000.00 during the same quarter last year, which indicates a positive year over year growth rate of 303.8%. The business is expected to report its next earnings report on Thursday, March 19th.

According to Zacks, analysts expect that Neovasc will report full year sales of $3.85 million for the current financial year, with estimates ranging from $2.30 million to $5.40 million. For the next year, analysts anticipate that the firm will report sales of $7.65 million, with estimates ranging from $3.50 million to $11.80 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Neovasc.

A number of brokerages have recently weighed in on NVCN. Zacks Investment Research upgraded shares of Neovasc from a “hold” rating to a “buy” rating and set a $3.50 price objective for the company in a report on Wednesday, November 13th. HC Wainwright set a $9.00 target price on shares of Neovasc and gave the company a “buy” rating in a report on Monday, November 4th.

Shares of NVCN stock traded up $0.01 during trading hours on Friday, hitting $2.99. 58,700 shares of the company’s stock were exchanged, compared to its average volume of 172,699. The company has a market capitalization of $22.66 million, a PE ratio of -0.11 and a beta of 1.44. Neovasc has a 12-month low of $2.34 and a 12-month high of $11.00. The business’s 50 day simple moving average is $3.28 and its 200-day simple moving average is $2.82.

Large investors have recently made changes to their positions in the company. Magnetar Financial LLC lifted its stake in shares of Neovasc by 325.3% in the 2nd quarter. Magnetar Financial LLC now owns 4,809,269 shares of the medical equipment provider’s stock valued at $2,322,000 after acquiring an additional 3,678,404 shares during the last quarter. Citadel Advisors LLC bought a new position in Neovasc during the 2nd quarter worth approximately $36,000. Finally, Bank of Montreal Can grew its position in Neovasc by 72.7% during the 2nd quarter. Bank of Montreal Can now owns 51,807 shares of the medical equipment provider’s stock worth $250,000 after acquiring an additional 21,807 shares during the last quarter. 15.04% of the stock is currently owned by hedge funds and other institutional investors.

About Neovasc

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.

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Earnings History and Estimates for Neovasc (NASDAQ:NVCN)

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