Neovasc Inc. (NVCN) Short Interest Up 43.7% in August
Neovasc Inc. (NASDAQ:NVCN) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,656,018 shares, a growth of 43.7% from the August 15th total of 1,152,702 shares. Based on an average daily volume of 853,774 shares, the short-interest ratio is currently 1.9 days. Approximately 3.6% of the company’s stock are short sold.
Shares of Neovasc (NASDAQ:NVCN) opened at 0.532 on Wednesday. Neovasc has a 12 month low of $0.37 and a 12 month high of $6.48. The company’s 50 day moving average is $0.60 and its 200-day moving average is $1.70. The company’s market cap is $35.57 million.
Hedge funds have recently bought and sold shares of the company. Gagnon Securities LLC increased its stake in Neovasc by 5.7% in the first quarter. Gagnon Securities LLC now owns 2,056,594 shares of the company’s stock valued at $8,597,000 after buying an additional 111,780 shares in the last quarter. Geode Capital Management LLC increased its stake in Neovasc by 20.7% in the first quarter. Geode Capital Management LLC now owns 25,929 shares of the company’s stock valued at $110,000 after buying an additional 4,446 shares in the last quarter. Gagnon Advisors LLC increased its stake in Neovasc by 46.2% in the second quarter. Gagnon Advisors LLC now owns 1,892,125 shares of the company’s stock valued at $975,000 after buying an additional 597,906 shares in the last quarter. Finally, Capital World Investors increased its stake in Neovasc by 5.1% in the second quarter. Capital World Investors now owns 5,345,736 shares of the company’s stock valued at $2,808,000 after buying an additional 261,443 shares in the last quarter. 23.30% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on NVCN shares. Zacks Investment Research raised shares of Neovasc from a “sell” rating to a “hold” rating in a research report on Thursday, July 14th. Canaccord Genuity reaffirmed a “buy” rating and set a $7.00 price objective on shares of Neovasc in a research report on Tuesday, July 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $10.25.
Neovasc Inc (Neovasc) is a specialty medical device company. The Company develops, manufactures and markets products for the cardiovascular marketplace. The Company’s segment is the development, manufacture and marketing of medical devices. Its products include the Tiara technology in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer for the treatment of refractory angina, and tissue products.
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