Northland Securities Thinks PolarityTE Inc’s Stock is Going to Recover


In a report released today, Carl Byrnes from Northland Securities maintained a Buy rating on PolarityTE Inc (PTE), with a price target of $50. The company’s shares closed on Friday at $6.27, close to its 52-week low of $5.98.

Byrnes said:

“We perceive the Co.’s announcement as a Major positive as it will, in our view, accelerate the adoption of SkinTE and PTE’s other programs. Pre-open, PTE announced that it has created the Chief, comprised of Corporate Development. We view this as an extremely positive strategic decision as it will better enable the Co. to focus on commercialization, operational and financial performance, along with product development. Further, we believe this move will have a near-term positive effect on the acceptance and proliferation of SkinTE. Dr. Denver Lough will remain Chairman, taking a leave of absence as CEO.”

According to TipRanks.com, Byrnes is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.8% and a 24.5% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Opiant Pharmaceuticals Inc, Aridis Pharmaceuticals Inc, and Adamas Pharmaceuticals.

PolarityTE Inc has an analyst consensus of Strong Buy, with a price target consensus of $41.25.

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Based on PolarityTE Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $25.57 million. In comparison, last year the company had a GAAP net loss of $11.62 million.

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PolarityTE, Inc. is a commercial-stage biotechnology and regenerative biomaterials company, which focuses on discovering, designing and developing regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences. Its products include SkinTE, OsteoTE and Real Time Assistant.

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