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CVRx (CVRX) Stock Jumps 33.9%: Will It Continue to Soar?

Zacks Equity Research
·2-min read

CVRx CVRX shares rallied 33.9% in the last trading session to close at $8.69. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 19.9% loss over the past four weeks.

CVRx scored a strong price increase driven by the optimism surrounding the company’s recent presentation at William Blair 44rd Annual Growth Stock Conference held on Jun 5, 2024. The company drew attention to the massive $2.2 billion U.S. annual net addressable market for Barostim device and plans to drive the therapy to a standard of care. In addition, CVRx reaffirmed its financial outlook for the second quarter and full year 2024, issued during the first quarter earnings call.

This medical device company is expected to post quarterly loss of $0.51 per share in its upcoming report, which represents a year-over-year change of +8.9%. Revenues are expected to be $11.84 million, up 24.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For CVRx, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CVRX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

CVRx is a member of the Zacks Medical - Instruments industry. One other stock in the same industry, OrthoPediatrics KIDS, finished the last trading session 3.7% higher at $32.22. KIDS has returned -10.4% over the past month.

For OrthoPediatrics , the consensus EPS estimate for the upcoming report has changed -7% over the past month to -$0.31. This represents a change of -63.2% from what the company reported a year ago. OrthoPediatrics currently has a Zacks Rank of #3 (Hold).

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CVRx, Inc. (CVRX) : Free Stock Analysis Report

OrthoPediatrics Corp. (KIDS) : Free Stock Analysis Report

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Zacks Investment Research