Sunshine Heart Inc (NASDAQ:SSH), announced that on July 20, 2015, the Compensation Committee of its Board of Directors, which is composed entirely of independent directors, approved four equity awards underSunshine Heart’s New-Hire Equity Incentive Plan, as material inducements to four individuals entering into employment with the Company. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
In connection with entering into employment with Sunshine Heart, the four individuals, who were not previously employees or directors of Sunshine Heart, or following a bona fide period of non-employment, received options to purchase an aggregate of 35,000 shares of the Company’s common stock. The options have an exercise price of $3.29 per share, which is equal to the closing price of the Company’s common stock on July 20, 2015. The options have ten-year terms and vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided the new hire’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s option agreement. (Original Source)
Shares of Sunshine Heart closed today at $3.15, down $0.14 or 4.26%. SSH has a 1-year high of $6.90 and a 1-year low of $3.11. The stock’s 50-day moving average is $3.81 and its 200-day moving average is $4.41.
On the ratings front, Sunshine Heart has been the subject of a number of recent research reports. In a report issued on May 5, Oppenheimer analyst Steven Lichtman reiterated a Buy rating on SSH, with a price target of $12, which implies an upside of 257.1% from current levels. Separately, on the same day, Canaccord Genuity’s Jason Mills reiterated a Buy rating on the stock and has a price target of $7.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Lichtman and Jason Mills have a total average return of -0.7% and 1.6% respectively. Lichtman has a success rate of 56.0% and is ranked #2904 out of 3711 analysts, while Mills has a success rate of 49.1% and is ranked #1602.
Sunshine Heart Inc is an early stage medical device company. It is engaged in developing, manufacturing and commercializing its C-Pulse Heart System for treatment of Class III and ambulatory Class IV heart failure.