Zacks Investment Research Upgrades Neovasc Inc. (NVCN) to Buy

Neovasc Inc. (NASDAQ:NVCN) (TSE:NVC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $1.75 target price on the medical equipment provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 7.69% from the company’s current price.

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) (TSE:NVC) last announced its quarterly earnings results on Thursday, August 10th. The medical equipment provider reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.02). The firm had revenue of $1.31 million for the quarter, compared to analysts’ expectations of $1.40 million. Neovasc had a negative net margin of 68.34% and a negative return on equity of 58.08%.

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A number of hedge funds and other institutional investors have recently modified their holdings of NVCN. Capital World Investors raised 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 purchasing an additional 522,864 shares in the last quarter. Iguana Healthcare Management LLC bought a new position in Neovasc in the 1st quarter worth $505,000. Gagnon Securities LLC raised 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 purchasing an additional 149,642 shares in the last quarter. Virtu KCG Holdings LLC bought a new position in Neovasc in the 2nd quarter worth $149,000. Finally, Gagnon Advisors LLC raised 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 purchasing an additional 5,671 shares in the last quarter. Institutional investors and hedge funds own 19.55% 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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