Nevro Corp (NVRO) Stock Rating Lowered by Zacks Investment Research
Nevro Corp (NASDAQ:NVRO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Nevro Corp. is a medical device company. It engages in developing and commercializing a neuromodulation platform for the treatment of chronic pain. The Company provides pain relief to the customers suffering from low back pain and types of chronic pains. Nevro has developed and commercialized the Senza (R) spinal cord stimulation (SCS) system for the treatment of chronic pain. Senza, HF10, Nevro and the Nevro logo are trademarks of the company. Nevro Corp. is headquartered in Menlo Park, California. “
NVRO has been the subject of a number of other research reports. Morgan Stanley reiterated a “buy” rating and issued a $86.00 price target on shares of Nevro Corp in a report on Wednesday, June 29th. Wells Fargo & Co. initiated coverage on Nevro Corp in a report on Tuesday, July 12th. They set an “outperform” rating for the company. William Blair initiated coverage on Nevro Corp in a report on Tuesday, July 19th. They set an “outperform” rating for the company. JMP Securities upped their target price on Nevro Corp from $90.00 to $110.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 9th. Finally, Piper Jaffray Cos. initiated coverage on Nevro Corp in a report on Friday, July 22nd. They set an “overweight” rating and a $98.00 target price for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $104.00.
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Nevro Corp (NASDAQ:NVRO) opened at 98.02 on Tuesday. Nevro Corp has a 1-year low of $36.51 and a 1-year high of $106.93. The stock has a 50 day moving average price of $97.95 and a 200-day moving average price of $80.60. The stock’s market capitalization is $2.79 billion.
Nevro Corp (NASDAQ:NVRO) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.16. The firm earned $55.40 million during the quarter, compared to analysts’ expectations of $45.11 million. The company’s revenue for the quarter was up 385.5% compared to the same quarter last year. Equities research analysts expect that Nevro Corp will post ($1.42) EPS for the current year.
In other news, Director Michael F. Demane sold 13,333 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $84.00, for a total transaction of $1,119,972.00. Following the transaction, the director now directly owns 505,919 shares of the company’s stock, valued at $42,497,196. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Wilfred E. Jaeger sold 155,160 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $97.31, for a total value of $15,098,619.60. The disclosure for this sale can be found here.
Several institutional investors have recently modified their holdings of the company. Sei Investments Co. increased its position in Nevro Corp by 40.0% in the second quarter. Sei Investments Co. now owns 1,620 shares of the company’s stock valued at $119,000 after buying an additional 463 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new position in Nevro Corp during the second quarter valued at about $125,000. BlackRock Inc. increased its position in Nevro Corp by 130.1% in the second quarter. BlackRock Inc. now owns 2,487 shares of the company’s stock valued at $183,000 after buying an additional 1,406 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in Nevro Corp by 110.8% in the third quarter. BNP Paribas Arbitrage SA now owns 1,977 shares of the company’s stock valued at $206,000 after buying an additional 1,039 shares during the last quarter. Finally, Numeric Investors LLC purchased a new position in Nevro Corp during the second quarter valued at about $207,000.
About Nevro Corp
Nevro Corp. is a medical device company. The Company has developed and commercialized a neuromodulation platform for the treatment of chronic pain. The Company’s Senza system is a spinal cord stimulation (SCS) system that delivers its HF10 therapy. HF10 therapy is designed to deliver neuromodulation solutions for treating chronic pain.
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