Glen Taylor Acquires 18,750,000 Shares of Envoy Medical (NASDAQ:COCH) Stock

Envoy Medical, Inc. (NASDAQ:COCH) major shareholder Glen Taylor purchased 18,750,000 shares of the stock in a transaction dated Thursday, February 12th. The shares were purchased at an average cost of $0.40 per share, for a total transaction of $7,500,000.00. Following the transaction, the insider owned 21,703,607 shares in the company, valued at approximately $8,681,442.80. The trade was a 634.82% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Envoy Medical Trading Up 9.9%

Envoy Medical stock opened at $0.76 on Thursday. The company has a 50-day moving average price of $0.67 and a 200 day moving average price of $0.89. Envoy Medical, Inc. has a 12-month low of $0.36 and a 12-month high of $1.91. The stock has a market cap of $21.79 million, a P/E ratio of -0.54 and a beta of 2.10.

Analysts Set New Price Targets

Several equities research analysts have issued reports on COCH shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a research note on Tuesday, January 27th. Wall Street Zen upgraded Envoy Medical to a “sell” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Envoy Medical presently has an average rating of “Hold” and a consensus target price of $9.50.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Focus Partners Wealth purchased a new position in shares of Envoy Medical during the first quarter worth $276,000. Geode Capital Management LLC lifted its stake in Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock worth $65,000 after acquiring an additional 51,813 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in Envoy Medical during the 3rd quarter valued at about $60,000. 8.59% of the stock is currently owned by institutional investors and hedge funds.

About Envoy Medical

Envoy Medical (NASDAQ:COCH) is a medical device company focused on non-invasive neuromodulation therapies for dysphagia, a swallowing disorder that affects patients following neurological events or due to degenerative conditions. The company’s lead technology delivers targeted electrical stimulation designed to strengthen the muscles and neural pathways involved in the swallowing process.

Envoy Medical’s flagship therapy has received regulatory clearance from the U.S. Food and Drug Administration and is being introduced through rehabilitation centers, speech-language pathology clinics and acute care hospitals.