CVRX - Craig-Hallum starts CVRx with buy touts potential of co's heart failure device Barostim

Shares of micro-cap company CVRx ( NASDAQ: CVRX ) rose as much as 11.7% to $7.57 in Monday trading, after Craig-Hallum research initiated the medical device firm with a buy rating.

Craig-Hallum analyst Alexander Nowak gave CVRX stock a price target of $15, which is more than double CVRX's last closing price of $6.78.

Minneapolis, Minn.-based CVRx ( CVRX ) has designed and developed the implantable Barostim device for people with heart failure. The device stimulates natural sensors in the body that trigger the nervous system and help regulate heart, kidney and vascular function, thus reducing the heart's workload and helping it to pump more efficiently.

Craig-Hallum's Nowak believes Barostim "has the potential to become as powerful to treat cardiovascular diseases as the pacemaker."

CVRx ( CVRX ) had a strong market debut in June last year, with shares closing more than 50% higher than their IPO price of $18 on their first trading day.

"With a good product, excellent data and established commercial infrastructure, we expect increasing levels of Barostim adoption for the next 5-10 years and a stock that moves materially higher as CVRX sets itself apart from the many recent IPOs that have struggled," said Nowak.

Craig-Hallum's buy rating on CVRX compares to a Wall Street average rating of strong buy, and a SA Authors rating and Quant rating of hold.

For further details see: