In a report released today, Anthony Vendetti from Maxim Group maintained a Buy rating on PAVmed Inc (PAVM), with a price target of $4. The company’s shares closed yesterday at $1.05, close to its 52-week low of $0.87.
Vendetti commented:
“Based on the timeline being slightly pushed back, we have lowered our estimates and price target to $4, from $5. PAVM submitted a comprehensive pre-submission package in October 2018 and has a pre-submission meeting scheduled with the FDA on January 7, 2019. As requested, the FDA has assigned a new, more senior lead reviewer to work closely with the lead branch reviewer, who participated in the review of the initial application. We believe this bodes well for an eventual regulatory approval of the device. 3Q18 GAAP net loss per share was inline with our estimate.”
According to TipRanks.com, Vendetti is a 4-star analyst with an average return of 8.6% and a 53.9% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Xtant Medical Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for PAVmed Inc with a $4 average price target.
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Based on PAVmed Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $3.25 million. In comparison, last year the company had a GAAP net loss of $5.13 million.
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PAVmed, Inc. is a medical device company, which develops and commercializes a pipeline of medical products. Its product portfolio includes DisappEAR, PORTIO, Caldus, Carpx, NextCath, and NextFlo. The company was founded on June 26, 2014 and is headquartered in New York, NY.
