HC Wainwright Begins Coverage on Envoy Medical (NASDAQ:COCH)

Analysts at HC Wainwright started coverage on shares of Envoy Medical (NASDAQ:COCH) in a report issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $2.50 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 254.61% from the company’s previous close.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $6.00.

Envoy Medical Stock Up 6.0%

Shares of Envoy Medical stock opened at $0.71 on Tuesday. The company has a 50 day moving average price of $0.68 and a 200 day moving average price of $0.76. The firm has a market capitalization of $54.20 million, a P/E ratio of -0.58 and a beta of 2.08. Envoy Medical has a 52 week low of $0.36 and a 52 week high of $1.91.

Envoy Medical (NASDAQ:COCH) last released its earnings results on Monday, March 23rd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.02). The business had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.03 million. As a group, research analysts anticipate that Envoy Medical will post -1.21 earnings per share for the current fiscal year.

Insider Activity

In other Envoy Medical news, Director Susan Kantor purchased 96,150 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average price of $0.40 per share, for a total transaction of $38,460.00. Following the acquisition, the director owned 174,037 shares in the company, valued at $69,614.80. This represents a 123.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mona Chetan Patel purchased 312,500 shares of Envoy Medical stock in a transaction on Thursday, February 12th. The shares were acquired at an average cost of $0.40 per share, with a total value of $125,000.00. Following the completion of the transaction, the director directly owned 332,500 shares in the company, valued at $133,000. The trade was a 1,562.50% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 20,433,650 shares of company stock valued at $8,173,460. 5.70% of the stock is owned by insiders.

Institutional Trading of Envoy Medical

Several institutional investors and hedge funds have recently bought and sold shares of the business. Focus Partners Wealth acquired a new stake in shares of Envoy Medical in the first quarter worth $276,000. CIBC Bancorp USA Inc. acquired a new position in Envoy Medical during the third quarter valued at $60,000. Finally, Geode Capital Management LLC lifted its position in Envoy Medical by 111.3% during the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after purchasing an additional 51,813 shares during the period. 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.