Zacks Investment Research Downgrades Nevro Corp. (NVRO) to Sell

Nevro Corp. (NYSE:NVRO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

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 equities analysts have also recently weighed in on NVRO. Canaccord Genuity reissued a “buy” rating and set a $120.00 price target on shares of Nevro Corp. in a report on Sunday, October 8th. BidaskClub raised Nevro Corp. from a “sell” rating to a “hold” rating in a report on Saturday, October 7th. Northland Securities reissued a “buy” rating and set a $96.00 price target on shares of Nevro Corp. in a report on Tuesday, August 8th. Morgan Stanley increased their price target on Nevro Corp. from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, August 8th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $102.00 price target on shares of Nevro Corp. in a report on Monday, July 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $101.25.

Nevro Corp. (NYSE:NVRO) last released its quarterly earnings results on Monday, August 7th. The medical equipment provider reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.11). The firm had revenue of $78.02 million for the quarter, compared to the consensus estimate of $77.75 million. Nevro Corp. had a negative net margin of 14.33% and a negative return on equity of 16.25%. Nevro Corp.’s quarterly revenue was up 40.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.31) earnings per share.

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In related news, Director Michael F. Demane sold 5,000 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $93.50, for a total value of $467,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew H. Galligan sold 7,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $82.31, for a total value of $576,170.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 290,907 shares of company stock worth $24,670,065. 12.10% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd raised its holdings in Nevro Corp. by 8.9% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 6,857 shares of the medical equipment provider’s stock worth $510,000 after purchasing an additional 559 shares during the period. Asymmetry Capital Management L.P. raised its holdings in Nevro Corp. by 122.9% in the 2nd quarter. Asymmetry Capital Management L.P. now owns 60,893 shares of the medical equipment provider’s stock worth $4,532,000 after purchasing an additional 33,575 shares during the period. Sterling Capital Management LLC bought a new position in Nevro Corp. in the 2nd quarter worth $233,000. Ameritas Investment Partners Inc. raised its holdings in Nevro Corp. by 17.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,432 shares of the medical equipment provider’s stock worth $181,000 after purchasing an additional 358 shares during the period. Finally, California State Teachers Retirement System raised its holdings in Nevro Corp. by 3.6% in the 2nd quarter. California State Teachers Retirement System now owns 49,063 shares of the medical equipment provider’s stock worth $3,652,000 after purchasing an additional 1,689 shares during the period.

Nevro Corp. Company Profile

Nevro Corp. is a global medical device company. The Company focuses on providing products that improve the quality of life of patients suffering from chronic pain. The Company has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain.

Analyst Recommendations for Nevro Corp. (NYSE:NVRO)

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