CVRx Inc (CVRX) PT Lowered to $13 at Piper Sandler

Piper Sandler analyst Matt O\'Brien lowered the price target on CVRx Inc (NASDAQ: CVRX) to $13.00 (from $15.00) while maintaining a Overweight rating.

The analyst commented, "This afternoon, CVRx released Q2'24 results, which fell within management’s guidance range. This is an important performance given the sales force disruption seen by the company in Q1, which has stabilized here in Q2. The back half guide still looks a little steep to us but CVRX's strategy of going deeper in existing accounts and funneling more referrals there is working, which is a positive update. As far as reimbursement goes, proposed OPPS would negatively impact Barostim's ASP if they were finalized (though this same proposal was reversed last year so management is confident the final rule will be adjusted). Further, CVRX saw a positive proposal on the inpatient side, which could help mitigate the outpatient side some. The company is spending more on recent additions, though the SG&A lift is non-cash. Although patience is required here, we believe the technology and strategic changes will bear fruit. Remain OW."

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