Zacks Investment Research Upgrades Corindus Vascular Robotics Inc (CVRS) to “Buy”

Corindus Vascular Robotics Inc (NYSEMKT:CVRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage presently has a $1.75 target price on the medical equipment provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.76% from the stock’s previous close.

According to Zacks, “Corindus Vascular Robotics, Inc. is involved in designing, manufacturing and selling precision vascular robotic-assisted systems for interventional vascular procedures. The Company’s product includes CorPath 200 system a vascular robotic system which provide stent placement in percutaneous coronary intervention procedures. Corindus Vascular Robotics, Inc. is based in Waltham, Massachusetts. “

Other research analysts have also issued research reports about the company. BidaskClub lowered Corindus Vascular Robotics from a “hold” rating to a “sell” rating in a research report on Friday, September 8th. ValuEngine upgraded Corindus Vascular Robotics from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Finally, Cowen and Company set a $3.00 price target on Corindus Vascular Robotics and gave the stock a “buy” rating in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $2.58.

Corindus Vascular Robotics (NYSEMKT:CVRS) traded up 3.27% during midday trading on Friday, hitting $1.58. The stock had a trading volume of 1,664,821 shares. The company has a 50-day moving average price of $1.67 and a 200-day moving average price of $1.45. Corindus Vascular Robotics has a 12-month low of $0.40 and a 12-month high of $2.25. The company’s market cap is $295.93 million.

Corindus Vascular Robotics (NYSEMKT:CVRS) last released its quarterly earnings data on Tuesday, August 8th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Corindus Vascular Robotics had a negative return on equity of 94.27% and a negative net margin of 372.63%. The business had revenue of $2.26 million during the quarter, compared to analyst estimates of $3.10 million. Equities analysts anticipate that Corindus Vascular Robotics will post ($0.21) EPS for the current year.

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Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Corindus Vascular Robotics by 147.8% during the second quarter. Goldman Sachs Group Inc. now owns 58,824 shares of the medical equipment provider’s stock worth $109,000 after purchasing an additional 35,086 shares during the period. Rhumbline Advisers raised its position in Corindus Vascular Robotics by 67.6% during the second quarter. Rhumbline Advisers now owns 80,868 shares of the medical equipment provider’s stock valued at $150,000 after buying an additional 32,608 shares during the period. New York State Common Retirement Fund raised its position in Corindus Vascular Robotics by 334.6% during the second quarter. New York State Common Retirement Fund now owns 89,100 shares of the medical equipment provider’s stock valued at $166,000 after buying an additional 68,599 shares during the period. Bank of New York Mellon Corp raised its position in Corindus Vascular Robotics by 6.3% during the first quarter. Bank of New York Mellon Corp now owns 163,012 shares of the medical equipment provider’s stock valued at $214,000 after buying an additional 9,684 shares during the period. Finally, California State Teachers Retirement System raised its position in Corindus Vascular Robotics by 34.4% during the second quarter. California State Teachers Retirement System now owns 148,558 shares of the medical equipment provider’s stock valued at $276,000 after buying an additional 38,000 shares during the period.

About Corindus Vascular Robotics

Corindus Vascular Robotics, Inc is engaged in robotic-assisted vascular interventions. The Company’s CorPath System is a medical device that brings robotic-assisted precision to radial, coronary and peripheral procedures. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries.

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