Zacks analyst Anita Dushyanth was out pounding the table on Amedica Corporation (NASDAQ:AMDA), reiterating a positive stance and $2.50 price target, which represents an upside of nearly 300% from where the stock is currently trading.
Dushyanth wrote, “As a reminder, Amedica responded to the FDA 510(k) filing back in June 2016. We expected response sometime during the end of July/ beginning of August 2016. However, it is difficult to speculate on FDA timelines on approval as the path forward remains an ongoing dialogue between the FDA and management. However, we remain optimistic about the potential approval, pending which we believe AMDA will commence manufacturing, marketing and sales of the product in the U.S. The recent financing should help the company in its product launch, which is expected sometime in 2H 2016. This could be a big driver of interbody fusion device sales.”
“We think AMDA offers an investment opportunity considering the large orthopedic and spinal fusion market that the company is addressing,” the analyst concluded.
Shares of Amedica are currently trading at $0.64, down $0.035 or -5.20%.