Neovasc Inc. (NVCN) Trading 10.2% Higher
Neovasc Inc. (NASDAQ:NVCN) (TSE:NVC)’s share price traded up 10.2% during trading on Tuesday . The company traded as high as $1.64 and last traded at $1.62. 547,470 shares traded hands during trading, an increase of 77% from the average session volume of 308,517 shares. The stock had previously closed at $1.47.
Separately, Zacks Investment Research cut Neovasc from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th.
The stock’s 50 day moving average price is $1.06 and its 200-day moving average price is $1.38. The company’s market cap is $130.98 million.
Neovasc (NASDAQ:NVCN) (TSE:NVC) last posted its quarterly earnings results on Thursday, August 10th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.02). Neovasc had a negative net margin of 68.34% and a negative return on equity of 58.08%. The firm had revenue of $1.31 million for the quarter, compared to analysts’ expectations of $1.40 million. On average, equities research analysts expect that Neovasc Inc. will post ($0.34) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of NVCN. Virtu KCG Holdings LLC purchased a new stake in shares of Neovasc in the second quarter worth about $149,000. Iguana Healthcare Management LLC purchased a new stake in shares of Neovasc in the first quarter worth about $505,000. Gagnon Advisors LLC boosted its position in shares of Neovasc by 0.5% in the second quarter. Gagnon Advisors LLC now owns 1,212,850 shares of the medical equipment provider’s stock worth $1,674,000 after buying an additional 5,671 shares during the period. Gagnon Securities LLC boosted its position in shares of Neovasc by 5.2% in the second quarter. Gagnon Securities LLC now owns 3,023,087 shares of the medical equipment provider’s stock worth $4,172,000 after buying an additional 149,642 shares during the period. Finally, Capital World Investors boosted its position in shares of Neovasc by 9.1% in the second quarter. Capital World Investors now owns 6,294,667 shares of the medical equipment provider’s stock worth $8,737,000 after buying an additional 522,864 shares during the period. 19.55% of the stock is owned by institutional investors.
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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