Medical Device Stock Eyes Worst Day Ever

The company's chronic heart failure therapy failed to meet its main goal

Laura McCandless

Deputy Editor

Feb 21, 2023 at 10:53 AM

CVRX

CVRx Inc (NASDAQ:CVRX) stock is on track for its worst single session ever, down 43.3% to trade at $9.75 at last glance, after news that the medical device company's post-market phase trial of its chronic heart failure therapy, Barostim, did not reach its primary goal.

CVRX has only been publicly traded for a little over a year, and is now trading at its lowest level since October. Plus, the stock is now gapping below long-term support at its 80-day moving average. Year-over-year, the equity is still up 32.5%.

Analysts are wholeheartedly bullish on CVRx stock, with all six in coverage carrying a "strong buy" rating. Plus, the 12-month consensus price target of $20.25 is a 90.9% premium to current levels.

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