Morgan Stanley Downgrades Nevro (NVRO) to Weight

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Nevro (NYSE:NVRO) was downgraded by Morgan Stanley from an “equal” rating to a “weight” rating in a report issued on Tuesday.

A number of other research analysts have also weighed in on NVRO. Wells Fargo & Co cut their price target on shares of Nevro from $84.00 to $62.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 17th. ValuEngine raised shares of Nevro from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 7th. Zacks Investment Research lowered shares of Nevro from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. Bank of America cut their price target on shares of Nevro from $102.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday, July 17th. Finally, BMO Capital Markets cut their price target on shares of Nevro from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, August 6th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $69.50.

NYSE NVRO traded down $7.78 during trading on Tuesday, reaching $38.10. 59,770 shares of the stock traded hands, compared to its average volume of 511,343. The stock has a market cap of $1.44 billion, a P/E ratio of -30.48 and a beta of -0.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.29 and a current ratio of 8.06. Nevro has a fifty-two week low of $35.41 and a fifty-two week high of $94.34.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 5th. The medical equipment provider reported ($0.37) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.07). The firm had revenue of $95.60 million for the quarter, compared to analyst estimates of $94.29 million. Nevro had a negative net margin of 10.68% and a negative return on equity of 15.84%. The firm’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.21) EPS. Analysts predict that Nevro will post -1.42 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Nevro by 65.0% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the medical equipment provider’s stock valued at $666,000 after purchasing an additional 3,035 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Nevro in the second quarter valued at $1,054,000. Canada Pension Plan Investment Board increased its holdings in shares of Nevro by 496.5% in the second quarter. Canada Pension Plan Investment Board now owns 51,300 shares of the medical equipment provider’s stock valued at $4,096,000 after purchasing an additional 42,700 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Nevro by 3.1% in the second quarter. Rhumbline Advisers now owns 28,525 shares of the medical equipment provider’s stock valued at $2,278,000 after purchasing an additional 856 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Nevro by 13.6% in the second quarter. Swiss National Bank now owns 46,700 shares of the medical equipment provider’s stock valued at $3,729,000 after acquiring an additional 5,600 shares in the last quarter.

Nevro Company Profile

Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.

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