Neovasc Inc (NASDAQ:NVCN) Short Interest Down 9.5% in October

Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 138,900 shares, a drop of 9.5% from the September 30th total of 153,400 shares. Currently, 2.0% of the shares of the company are sold short. Based on an average daily trading volume, of 61,200 shares, the short-interest ratio is currently 2.3 days.

Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC purchased a new position in Neovasc in the 2nd quarter worth about $36,000. Bank of Montreal Can lifted its holdings 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 purchasing an additional 21,807 shares during the last quarter. Finally, Magnetar Financial LLC lifted its holdings in Neovasc by 325.3% during the 2nd quarter. Magnetar Financial LLC now owns 4,809,269 shares of the medical equipment provider’s stock worth $2,322,000 after purchasing an additional 3,678,404 shares during the last quarter.

NVCN stock traded up $0.07 during midday trading on Friday, hitting $3.00. 125,400 shares of the stock traded hands, compared to its average volume of 46,838. The stock’s fifty day simple moving average is $3.59 and its 200-day simple moving average is $2.51. Neovasc has a 1-year low of $2.34 and a 1-year high of $15.10. The firm has a market cap of $21.92 million, a P/E ratio of -0.11 and a beta of 1.55.

A number of research firms 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 on the stock in a research note on Wednesday. HC Wainwright set a $9.00 price objective on shares of Neovasc and gave the stock a “buy” rating in a research note on Monday, November 4th.

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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