Neovasc Inc. [NASDAQ: NVCN] traded at a high on 02/12/21, posting a 5.45 gain after which it closed the day’ session at $2.13. The company report on February 13, 2021 that Neovasc Announces Closing of US$72 Million Registered Direct Offering of Common Shares Priced At-The-Market.
Vancouver, British Columbia–(Newsfile Corp. – February 12, 2021) – Neovasc Inc. (“Neovasc” or the “Company”) (NASDAQ: NVCN) (TSX: NVCN) announced that it has closed its previously announced sale of an aggregate of 36,000,000 common shares at a purchase price of US$2.00 per common share in a registered direct offering (the “Offering”) priced at-the-market under the Nasdaq Capital Market (the “Nasdaq”) rules for aggregate gross proceeds to the Company of approximately US$72 million, before deducting placement agent’s fees and estimated expenses of the Offering payable by the Company.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Offering.
The results of the trading session contributed to over 23232124 shares changing hands. Over the past one week, the price volatility of Neovasc Inc. stands at 27.58% while the volatility over the past one month is 15.43%.
The market cap for NVCN stock reached $61.51 million, with 28.88 million shares outstanding and 17.34 million shares in the current float. Compared to the average trading volume of 4.97M shares, NVCN reached a trading volume of 23232124 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Neovasc Inc. [NVCN]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NVCN shares is $1.88 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NVCN stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Canaccord Genuity have made an estimate for Neovasc Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 19, 2018. The new note on the price target was released on April 05, 2017, representing the official price target for Neovasc Inc. stock.
The Average True Range (ATR) for Neovasc Inc. is set at 0.24, with the Price to Sales ratio for NVCN stock in the period of the last 12 months amounting to 30.61. The Price to Book ratio for the last quarter was 73.45.
How has NVCN stock performed recently?
Neovasc Inc. [NVCN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 55.47. With this latest performance, NVCN shares gained by 88.50% in over the last four-week period, additionally sinking by -2.74% over the last 6 months – not to mention a drop of -19.62% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NVCN stock in for the last two-week period is set at 72.91, with the RSI for the last a single of trading hit 74.41, and the three-weeks RSI is set at 70.52 for Neovasc Inc. [NVCN]. The present Moving Average for the last 50 days of trading for this stock 1.13, while it was recorded at 1.98 for the last single week of trading, and 1.92 for the last 200 days.
Neovasc Inc. [NVCN]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Neovasc Inc. [NVCN] shares currently have an operating margin of -1431.14 and a Gross Margin at +47.42. Neovasc Inc.’s Net Margin is presently recorded at -1679.28.
Additionally, NVCN Total Debt to Total Capital is recorded at 1,384.32, with Total Debt to Total Assets ending up at 154.07.
Reflecting on the efficiency of the workforce at the company, Neovasc Inc. [NVCN] managed to generate an average of -$423,775 per employee. Receivables Turnover for the company is 2.88 with a Total Asset Turnover recorded at a value of 0.19.
Earnings analysis for Neovasc Inc. [NVCN]
With the latest financial reports released by the company, Neovasc Inc. posted 0.54/share EPS, while the average EPS was predicted by analysts to be reported at -0.09/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 700.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NVCN.
Insider trade positions for Neovasc Inc. [NVCN]
There are presently around $6 million, or 17.51% of NVCN stock, in the hands of institutional investors. The top three institutional holders of NVCN stocks are: SABBY MANAGEMENT, LLC with ownership of 1,009,406, which is approximately 209.612% of the company’s market cap and around 23.58% of the total institutional ownership; MAGNETAR FINANCIAL LLC, holding 721,104 shares of the stock with an approximate value of $1.54 million in NVCN stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $0.53 million in NVCN stock with ownership of nearly 0% of the company’s market capitalization.
Positions in Neovasc Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 8 institutional holders increased their position in Neovasc Inc. [NASDAQ:NVCN] by around 1,097,656 shares. Additionally, 8 investors decreased positions by around 1,399,815 shares, while 7 investors held positions by with 140,871 shares. The mentioned changes placed institutional holdings at 2,638,342 shares, according to the latest SEC report filing. NVCN stock had 3 new institutional investments in for a total of 228,712 shares, while 3 institutional investors sold positions of 1,223,758 shares during the same period.