In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Check-Cap (CHEK), with a price target of $14. The company’s shares closed yesterday at $1.95, close to its 52-week low of $1.62.
Selvaraju wrote:
“We note that the company received in December 2018 the U.S. FDA’s conditional approval of the Investigational Device Exemption (IDE) application to initiate a U.S. pilot study. According to the FDA, the company may begin enrolling patients immediately upon approval by the study site’s IRB. Therefore, the IRB approval is a crucial clinical milestone, in our view, and the pilot study could start soon. This study (NCT03735407) is slated to have up to two centers located in the U.S. and enroll 45 healthy subjects that are considered to be of average risk for polyps and colon cancer.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.0% and a 33.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Check-Cap with a $10 average price target.
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Based on Check-Cap’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $2.7 million. In comparison, last year the company had a GAAP net loss of $1.9 million.
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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.
