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

Zacks Investment Research downgraded shares of Neovasc Inc. (NASDAQ:NVCN) from a strong-buy rating to a hold rating in a research note released on Friday, May 12th.

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. “

A number of other brokerages have also commented on NVCN. Ladenburg Thalmann Financial Services raised Neovasc from a neutral rating to a buy rating and set a $4.00 price objective on the stock in a report on Wednesday, April 5th. JMP Securities restated an outperform rating and set a $5.00 target price on shares of Neovasc in a research note on Monday, April 3rd. Finally, Leerink Swann reiterated an outperform rating on shares of Neovasc in a research report on Thursday, March 23rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $6.50.

Shares of Neovasc (NASDAQ:NVCN) traded down 6.908% on Friday, hitting $1.415. 842,162 shares of the stock traded hands. Neovasc has a 12 month low of $0.44 and a 12 month high of $3.34. The firm’s 50 day moving average is $1.51 and its 200-day moving average is $1.56. The company’s market cap is $111.36 million.

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A number of large investors have recently bought and sold shares of NVCN. West Family Investments Inc. raised its position in Neovasc by 50.0% in the first quarter. West Family Investments Inc. now owns 3,000,010 shares of the medical equipment provider’s stock worth $4,590,000 after buying an additional 1,000,010 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in Neovasc by 0.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 513,383 shares of the medical equipment provider’s stock valued at $888,000 after buying an additional 4,091 shares during the last quarter. Finally, Iguana Healthcare Management LLC bought a new position in shares of Neovasc during the first quarter worth $505,000. Hedge funds and other institutional investors own 19.30% 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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