Neovasc Inc (US) (NASDAQ:NVCN) announced an update in its ongoing litigation with CardiAQ Valve Technologies, Inc.
On January 18, 2017, in the litigation filed against the Company by CardiAQ in the United States District Court for the District of Massachusetts, the trial court granted CardiAQ’s motion for pre- and post-judgment interest. The Court awarded US$20,675,154 in pre-judgment interest and assessed a running rate of US$2,354.27 per day from November 16, 2016 until the judgment is satisfied, unless the Company prevails on appeal.
As previously disclosed, the judgment, including these amounts, is currently stayed pending completion of the upcoming appeal pursuant to a Court order of December 23, 2016.
The Company intends to seek an expedited appeal of the judgment, including the underlying damages award upon which these figures were calculated, before the United States Court of Appeals for the Federal Circuit.
Shares of Neovasc are currently trading at $1.73, down $0.11 or -5.71%. NVCN has a 1-year high of $4.68 and a 1-year low of $0.37. The stock’s 50-day moving average is $1.74 and its 200-day moving average is $0.84.
On the ratings front, NVCN has been the subject of a number of recent research reports. In a report issued on December 7, Ladenburg Thalmann analyst Jeffrey Cohen maintained a Hold rating on NVCN. Separately, on December 2, Leerink Swann’s Danielle Antalffy reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeffrey Cohen and Danielle Antalffy have a yearly average loss of 34.4% and a return of 18.7% respectively. Cohen has a success rate of 0% and is ranked #4059 out of 4350 analysts, while Antalffy has a success rate of 67% and is ranked #121.
Neovasc, Inc. operates as a specialty medical device company that develops and manufactures products for the rapidly growing cardiovascular device marketplace. Its products include the Neovasc Reducer for the treatment of refractory angina, the Tiara technology in development for the transcatheter treatment of mitral valve disease and a line of advanced biological tissue products that are used as key components in a variety of third-party medical products, such as vascular surgical patches and transcatheter heart valves. The company also offers pericardial tissue processing, vascular product development, design and manufacturing solutions to industry partners.