Todays Report: The Zacks Investment Research Upgrades Nevro Corp (NVRO) to Buy

The Zacks Investment Research Upgrades Nevro Corp (NVRO) to Buy

Nevro Corp (NASDAQ:NVRO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $110.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 16.83% from the company’s previous close.

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. “

Several other brokerages have also commented on NVRO. B. Riley initiated coverage on Nevro Corp in a report on Thursday, September 15th. They issued a “buy” rating and a $114.00 price objective for the company. BMO Capital Markets reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Nevro Corp in a report on Tuesday, August 9th. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $112.00 price objective (up previously from $98.00) on shares of Nevro Corp in a report on Thursday, August 11th. JPMorgan Chase & Co. lifted their price objective on Nevro Corp from $84.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Finally, Wells Fargo & Co. initiated coverage on Nevro Corp in a report on Tuesday, July 12th. They issued an “outperform” rating for the company. Eleven equities research analysts have rated the stock with a buy rating, Nevro Corp presently has a consensus rating of “Buy” and an average target price of $104.00.

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Shares of Nevro Corp (NASDAQ:NVRO) traded down 2.01% during mid-day trading on Wednesday, reaching $94.15. The company had a trading volume of 572,059 shares. Nevro Corp has a one year low of $36.51 and a one year high of $106.93. The stock’s market capitalization is $2.68 billion. The firm has a 50 day moving average of $97.65 and a 200-day moving average of $78.56.

Nevro Corp (NASDAQ:NVRO) last posted its earnings results on Monday, August 8th. The company reported ($0.31) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.16. The business earned $55.40 million during the quarter, compared to the consensus estimate of $45.11 million. Nevro Corp’s revenue for the quarter was up 385.5% on a year-over-year basis. Analysts forecast that Nevro Corp will post ($1.42) EPS for the current fiscal year.

In other news, CFO Andrew H. Galligan sold 7,500 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $97.71, for a total value of $732,825.00. Following the transaction, the chief financial officer now directly owns 30,079 shares in the company, valued at $2,939,019.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Doug Alleavitch sold 3,000 shares of the business’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $100.00, for a total value of $300,000.00. Following the completion of the transaction, the vice president now owns 5,961 shares in the company, valued at $596,100. The disclosure for this sale can be found here.

Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. increased its position in shares of 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. acquired a new position in shares of Nevro Corp during the second quarter valued at approximately $125,000. BlackRock Inc. increased its position in shares of 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 shares of 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 acquired a new position in shares of Nevro Corp during the second quarter valued at approximately $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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