In a report released today, Jordan Abrams from Cantor Fitzgerald reiterated a Buy rating on HTG Molecular Diagnostics (HTGM), with a price target of $6. The company’s shares closed yesterday at $2.61, close to its 52-week low of $2.03.
Abrams wrote:
“. We reiterate our Overweight rating on shares of HTGM and are lowering our 12-month PT to $6, from $7. HTG reported 4Q18 revenue of $7.7MM (-2%) to deliver FY 2018 revenue of $21.5MM (+46%), in line with the Jan. 7 pre-announcement. HTG provided 2019 revenue guidance of $23-28MM (+19% at the mdpt), missing FactSet consensus of $29.6MM. While we are disappointed with revenue expectations for 2019, we think management is being conservative with collaboration revenue payments that depend on its pharma partners’ drug development data. HTG’s base RUO business is still expected to grow 40% in 2019. While we were looking for higher revenue growth expectations in 2019, we think shares are attractive at suppressed valuation levels.”
According to TipRanks.com, Abrams is ranked #3788 out of 5220 analysts.
HTG Molecular Diagnostics has an analyst consensus of Moderate Buy, with a price target consensus of $7, which is a 168.2% upside from current levels. In a report issued on February 22, H.C. Wainwright also reiterated a Buy rating on the stock with a $8 price target.
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Based on HTG Molecular Diagnostics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.13 million. In comparison, last year the company had a GAAP net loss of $1.92 million.
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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.
