CVRx downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded CVRx (CVRX) to Underweight from Neutral with a price target of $7, down from $15. The company reported a miss in Q1 as the planned salesforce reorganization led to greater than expected turnover and account disruption, the analyst tells investors in a research note. The firm says continued uncertainty around potential rate changes in the proposed outpatient prospective payment system come July and “choppiness” in sales growth trends is leading to significant uncertainty around CVRx’s trajectory to cash flow breakeven.