Correvio Pharma Corp (CORV) Gets a Buy Rating from H.C. Wainwright

By Ryan Adsit

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Correvio Pharma Corp (CORVResearch Report) today and set a price target of $10.50. The company’s shares closed yesterday at $3.91.

Ramakanth observed:

“We maintain our Buy rating of Correvio and our 12-month price target of $10.50 per share. We derive our price target based on the average of two valuation methods: (1) price-sales multiple analysis applying a 4x multiple to our 2025 risk- adjusted revenue estimate discounted at 12%; and (2) price-earnings multiple analysis applying an 18x multiple to our 2025 estimated earnings discounted at 12%. (1) commercial; (2) clinical; (3) partnership; (4) financial; and (5) intellectual property.”

According to TipRanks.com, Ramakanth is a 1-star analyst with an average return of -1.5% and a 36.7% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Collplant Holdings Ltd, Gritstone Oncology Inc, and Trillium Therapeutics.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Correvio Pharma Corp with a $8.75 average price target, representing a 123.8% upside. In a report released yesterday, Mackie Research also upgraded the stock to Buy.

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Based on Correvio Pharma Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $6.4 million. In comparison, last year the company had a GAAP net loss of $8.34 million.

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Correvio Pharma Corp. is a pharmaceutical company, which engages in the provision of development and commercialization of medical products. It operates through the Europe and Rest of the World geographical segments. It focuses on cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease.