Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Electrocore Llc (ECOR) yesterday and set a price target of $23. The company’s shares closed yesterday at $7.52.
Duncan commented:
“. We reiterate our Overweight rating and $23 PT on shares of ECOR. The company announced 4Q18 earnings today, and reported gammaCore sales of $368K, above our projected $277K and Street expectations (FactSet consensus of ~$0.3M). The company noted that, as expected, most prescriptions were dispensed under a voucher program in which an additional ~$1.7M worth of prescriptions were dispensed. However, in our view, more-relevant metrics at this stage are prescription trends, especially despite supportive insurance coverage having been established. electroCore reported cash of $68.6M at the end of 2018, which our model projects is sufficient to fund operations into mid-20. Looking back at 2018 progress.”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 5.8% and a 52.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
Currently, the analyst consensus on Electrocore Llc is a Moderate Buy with an average price target of $30.
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Based on Electrocore Llc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $13.2 million. In comparison, last year the company had a net profit of $0.
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electroCore, Inc. is a commercial-stage bio-electronic medicine company, with a platform non-invasive vagus nerve stimulation therapy focuses on neurology and rheumatology. The company’s therapy, gammaCore, has pharmacologic effects on the peripheral and central nervous systems, which modulate neurotransmitters and immune function.
