Oppenheimer analyst Kevin Degeeter maintained a Buy rating on PolarityTE Inc (PTE) yesterday and set a price target of $30. The company’s shares closed on Friday at $13.44, close to its 52-week low of $11.54.
Degeeter observed:
“Based on updated classification posted to FDA’s website, we believe: 1) manufacturing inspection review may be closed and 2) near-term review of 361 status for SkinTE is unlikely. We expect the regulatory change to lift a major overhang on PTE shares and would be buyers on strength. Specifically, FDA changed classification of a 7/13/18 inspection, which described eight 483 manufacturing deficiencies, to Voluntary Action Indicated (VAI). VAI means FDA does not intend to take regulatory action (see here for VAI definition).”
According to TipRanks.com, Degeeter is a 4-star analyst with an average return of 14.3% and a 52.3% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for PolarityTE Inc with a $43.75 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $41.22 and a one-year low of $11.54. Currently, PolarityTE Inc has an average volume of 244.4K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
