After Northland Securities and Cantor Fitzgerald gave PolarityTE Inc (NASDAQ: PTE) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Kevin DeGeeter maintained a Buy rating on PolarityTE Inc today and set a price target of $24. The company’s shares opened today at $8.74, close to its 52-week low of $7.87.
DeGeeter observed:
“On 4/25/19, PTE filed an 8-K describing the sublease of a 6,307 square foot manufacturing facility within a burn center in Augusta, Georgia. Takeaways include: 1) will be the first regional manufacturing site for producing SkinTE at a local burn center; 2) should drive revenue uptake beginning in 2H19; and 3) low single-digit millions for upfront capital cost. We expect a second regional node in the Northeast to be unveiled later in 2019. Collectively, we expect these facilities to drive demand and underpin our revenue estimates of $8.4M and $30.2M for 2019 and 2020, respectively. We do not see this announcement impacting Vericel’s Epicel product. Both estimates are unchanged. We are lowering our PT from $30 to $24 based on dilution from April equity financing.”
According to TipRanks.com, DeGeeter is a 4-star analyst with an average return of 11.8% and a 47.9% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
Currently, the analyst consensus on PolarityTE Inc is a Strong Buy with an average price target of $39, which is a 346.2% upside from current levels. In a report released today, Northland Securities also assigned a Buy rating to the stock with a $50 price target.
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The company has a one-year high of $41.22 and a one-year low of $7.87. Currently, PolarityTE Inc has an average volume of 370K.
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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.
