Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Ra Medical Systems Inc (RMED) yesterday and set a price target of $11. The company’s shares closed yesterday at $3.96, close to its 52-week low of $3.76.
Bijou wrote:
“. We reiterate our Overweight rating and $11 PT. RMED hosted a call with its new Chief Commercial Officer (CCO), Thomas Fogarty, and its covering analysts this afternoon to discuss the company’s new commercial strategy. We came away from the call with a better understanding of Mr. Fogarty’s strategy and the changes being made to align the sales and marketing organization with the commercialization strategy. On the call, Mr. Fogarty articulated his vision for the company, his successes in prior commercial organization turnarounds and his motivation for taking the position with RMED.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 5.3% and a 60.2% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
Currently, the analyst consensus on Ra Medical Systems Inc is a Moderate Buy with an average price target of $13, representing a 228.3% upside. In a report issued on March 15, Maxim Group also maintained a Buy rating on the stock with a $15 price target.
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Based on Ra Medical Systems Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $14.94 million. In comparison, last year the company had a GAAP net loss of $11.29 million.
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Ra Medical Systems, Inc. engages in the design, development, and commercialization of 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. It operates through the Dermatology and Vascular business segments.
