Oppenheimer analyst Steven Lichtman downgraded Helius Medical Technologies (HSDT) to Hold yesterday. The company’s shares closed yesterday at $2.10, close to its 52-week low of $2.01.
Lichtman observed:
“We are lowering our rating on HSDT from and removing our $10 target price following yesterday’s update on the FDA submission for HSDT’s PoNS (portable neuromodulation stimulator). FDA declined approval, noting that it did not have sufficient information to determine the relative contribution of PoNS versus the concurrent physical therapy in the positive improvements seen from baseline in HSDT’s registration trial. More data will be needed for resubmission. While PoNS is approved in Canada and initial results are promising, US approval is the core driver of our thesis, and with uncertainty now on approval timing, we lower our rating. Next key milestones are update on US pathway following another expected FDA meeting and potential approvals in Europe/Australia (not currently in our estimates).”
According to TipRanks.com, Lichtman has 0 stars on 0-5 star ranking scale with an average return of -5.0% and a 45.2% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Tandem Diabetes Care Inc, Boston Scientific Corp, and Zimmer Biomet Holdings.
Currently, the analyst consensus on Helius Medical Technologies is a Moderate Buy with an average price target of $12.
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The company has a one-year high of $13.20 and a one-year low of $2.01. Currently, Helius Medical Technologies has an average volume of 132.2K.
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Helius Medical Technologies, Inc. operates as a medical technology company, which engages in the development of products for the treatment of neurological symptoms caused by disease and trauma. It focuses on licensing and acquiring platform technologies that amplify the brain’s ability to heal itself.
