Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Electrocore Llc (ECOR) today and set a price target of $30. The company’s shares closed yesterday at $7.07, close to its 52-week low of $7.
Duncan noted:
“. We are reiterating our Overweight rating and $30 PT on ECOR. Tuesday AMC, electroCore reported 3Q18 revenues of $151K and cash of ~$81M. Our model projects the company’s current cash position to fund operations through 2019. Sales were below our and Street expectations, but we believe this was due to a voucher program that provided free trials to the vast majority of patients who received a prescription, creating long-term value by picking up new patients. Although not captured in the sales number, the 48% QoQ prescription growth demonstrates the success of the voucher program.”
According to TipRanks.com, Duncan is a 1-star analyst with an average return of -1.1% and a 40.5% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Electrocore Llc has an analyst consensus of Moderate Buy, with a price target consensus of $30.
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Based on Electrocore Llc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.16 million. In comparison, last year the company had a GAAP net loss of $6.36 million.
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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.
