Lake Street buyers of CVRx after BeAT-HF trial data

Lake Street analyst Frank Takkinen lowered the firm’s price target on CVRx to $15 from $20 and keeps a Buy rating on the shares after the company announced the BeAT-HF post-market trial did not reach statistical significance on the primary endpoint, though other prespecified endpoints favored Barostim. While a mortality/morbidity endpoint "would have been a significant positive," the firm expects symptom improvement and incremental positives from this study to continue to support the commercial use case and does not expect the data to drive any near-term reimbursement changes, so it would be buyers on any weakness in the shares after the report, noting that its lower target reflects a lower multiple given reduced upside optionality.