Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Ra Medical Systems Inc (RMED) today and set a price target of $11. The company’s shares closed yesterday at $6.57, close to its 52-week low of $6.
Bijou said:
“. We reiterate our Overweight rating, but lower our 12- month PT to $11 from $21, driven by a lower 2020 sales forecast. RMED reported 4Q revenue of $2.0MM (+3% y/y), missing FactSet consensus by $700k. RMED experienced a number of issues that led to a 4Q miss and weak 1Q guidance of $1.0-1.4MM, significantly below FactSet consensus ($3.7MM). Disruptions to the business included a manufacturing stoppage and changes to the commercialization strategy driven by the newly hired Chief Commercial Officer. We believe that the commercialization strategy overhaul and manufacturing stoppage has pushed out the DABRA sales ramp multiple quarters.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 5.5% and a 56.5% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
Ra Medical Systems Inc has an analyst consensus of Moderate Buy, with a price target consensus of $21.
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The company has a one-year high of $22 and a one-year low of $6. Currently, Ra Medical Systems Inc has an average volume of 50.43K.
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Ra Medical Systems, Inc. designs, develops, and commercializes excimer lasers for the treatment of dermatologic and cardiovascular diseases. Its product, Pharos, is used for the treatment of difficult-to-treat, chronic diseases including psoriasis and vitiligo.
