Zacks Investment Research upgraded shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $1.25 price target on the medical equipment provider’s stock.
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, SVB Leerink restated a buy rating and set a $2.00 price target on shares of Neovasc in a research report on Sunday, March 14th.
Neovasc (NASDAQ:NVCN) (TSE:NVC) last released its quarterly earnings results on Thursday, March 11th. The medical equipment provider reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.36. Equities research analysts forecast that Neovasc will post -1.93 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in Neovasc by 62.1% during the 4th quarter. JPMorgan Chase & Co. now owns 26,634 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 10,200 shares in the last quarter. Usca Ria LLC grew its stake in Neovasc by 100.0% during the 4th quarter. Usca Ria LLC now owns 144,000 shares of the medical equipment provider’s stock valued at $137,000 after acquiring an additional 72,000 shares in the last quarter. Morgan Stanley grew its stake in Neovasc by 229.6% during the 3rd quarter. Morgan Stanley now owns 119,383 shares of the medical equipment provider’s stock valued at $256,000 after acquiring an additional 83,161 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Neovasc in the 4th quarter valued at approximately $219,000. 13.48% of the stock is owned by institutional investors.
Neovasc Company Profile
Neovasc Inc, a specialty medical device company, develops, manufactures, and markets medical devices for cardiovascular marketplace in Europe, Canada, the United States, and internationally. Its products include the Tiara technology for the transcatheter treatment of mitral valve disease; and the Neovasc Reducer for the treatment of refractory angina.
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