Neovasc (NASDAQ:NVCN) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Neovasc (NASDAQ:NVCN) (TSE:NVC) from a sell rating to a hold rating in a report released on Wednesday morning, reports.

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, HC Wainwright reiterated a buy rating and issued a $5.00 target price on shares of Neovasc in a research report on Wednesday, December 1st.

NASDAQ:NVCN opened at $0.46 on Wednesday. Neovasc has a 52 week low of $0.45 and a 52 week high of $2.60. The firm has a 50 day moving average of $0.61 and a 200 day moving average of $0.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 11.16 and a quick ratio of 10.86.

Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its quarterly earnings results on Tuesday, November 9th. The medical equipment provider reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). Neovasc had a negative return on equity of 40.59% and a negative net margin of 979.15%. The company had revenue of $0.70 million during the quarter, compared to analysts’ expectations of $1.20 million. During the same period in the prior year, the business posted ($0.51) EPS. Equities research analysts anticipate that Neovasc will post -0.37 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. acquired a new position in shares of Neovasc in the 2nd quarter valued at $70,000. Citadel Advisors LLC raised its position in Neovasc by 60.5% in the 2nd quarter. Citadel Advisors LLC now owns 118,434 shares of the medical equipment provider’s stock valued at $109,000 after purchasing an additional 44,641 shares during the last quarter. U.S. Capital Wealth Advisors LLC purchased a new stake in Neovasc in the 3rd quarter valued at $218,000. Finally, UBS Group AG raised its position in Neovasc by 564.9% during the 3rd quarter. UBS Group AG now owns 34,701 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 29,482 shares during the last quarter. Institutional investors own 2.14% of the company’s stock.

About Neovasc

Neovasc, Inc engages in the development, manufacture and marketing of medical devices. It focuses on Neovast Tiara and Neovasc Reducer products. The company was founded on November 2, 2000 and is headquartered in Richmond, Canada.

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