In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Check-Cap (NASDAQ: CHEK), with a price target of $14. The company’s shares closed yesterday at $4.13, close to its 52-week low of $3.08.
Selvaraju observed:
“We note that these results compare favorably to those released from the CE Mark study, as C-Scan system version 3 has better scan imaging density, 2D/3D imaging and a new motility analysis algorithm. Management expects to report final results on a larger patient group in 2Q19. Given the encouraging interim data, we continue to believe that C-Scan could be commercially launched in EU through a partner in 2019. Check-Cap has already applied to register C-Scan for marketing and sale in Israel, and marketing approval in Israel could be obtained in the current quarter, in our view. We believe C-Scan has the potential to increase the number of adults screened for CRC by eliminating common barriers such as unpleasant bowel preparation, and allow for early detection of polyps without the use of colonoscopy. In the wake of this update, we reiterate our Buy rating and $14 price target.”
According to TipRanks.com, Selvaraju is a 4-star analyst with an average return of 5.7% and a 48.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Synergy Pharmaceuticals Inc.
Currently, the analyst consensus on Check-Cap is a Moderate Buy with an average price target of $14.
See today’s analyst top recommended stocks >>
Based on Check-Cap’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.66 million. In comparison, last year the company had a GAAP net loss of $2.83 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Check-Cap Ltd. clinical stage medical diagnostics company, which engages in developing gastrointestinal imaging devices. It develops capsule-based system that utilizes low-dose X-rays to detect polyps, masses and colorectal cancer screening. The company was founded by Yoav Kimchy in 2005 and is headquartered in Isfiya, Israel.
