H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on HTG Molecular Diagnostics (NASDAQ: HTGM) today and set a price target of $7. The company’s shares closed yesterday at $3.24.
Selvaraju said:
“We note that the company entered into the first amendment earlier this month, which involves performing collaborative development services for what is expected to be a multi-stage project that leads to a potential NGS-based companion diagnostic assay in support of the therapeutic programs at Bristol-Myers Squibb Co. (BMY; not rated). HTG currently has two development programs ongoing in the statement of work under the master agreement with QIAGEN. The amendments allow the use of IUO assays in subsequent prospective and retrospective clinical trials for multiple indications, which are the next steps in the company’s immuno-oncology (I/O) collaboration. In our view, HTG now has more shots on goal, represented by the potential commercialization of companion diagnostics for therapeutics being developed by biopharma partners.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -3.9% and a 35.2% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
HTG Molecular Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $6.50, implying a 100.6% upside from current levels. In a report issued on August 17, Canaccord Genuity also reiterated a Buy rating on the stock with a $6 price target.
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The company has a one-year high of $5.83 and a one-year low of $1.59. Currently, HTG Molecular Diagnostics has an average volume of 423.3K.
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HTG Molecular Diagnostics, Inc. engages in the provision of molecular technology solutions that facilitates molecular profiling. Its customers include biopharmaceutical companies, academic research centers, and molecular testing laboratories. The company was founded by Bruce E. Seligmann in October 1997 and is headquartered in Tucson, AZ.
