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 opened today at $4.16, close to its 52-week low of $3.84.
Byrnes observed:
“We reiterate that SkinTE is a nascent therapy, and that its use has been largely limited to six hospital systems. We remain highly optimistic with respect to broad penetration within existing accounts comprised of early adopters, with proliferation supported by the positive clinical experiences, clinical data and ongoing trials, and initiatives including peer-to-peer programs. PolarityTE anticipates interim results by YE19/ early-2020 from its registered clinical trial evaluating SkinTE for the treatment of diabetic foot ulcers (DFUs). We note that in a previous pilot evaluation trial evaluating SkinTE for treatment of 11 subjects treated with SkinTE achieved complete closure within 12 weeks, with 1 subject excluded due to an unrelated infection arising from a previously placed metal implant.”
According to TipRanks.com, Byrnes ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -15.3% and a 16.2% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Opiant Pharmaceuticals Inc, Aridis Pharmaceuticals Inc, and Adamas Pharmaceuticals.
Currently, the analyst consensus on PolarityTE Inc is a Strong Buy with an average price target of $29.
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The company has a one-year high of $30.88 and a one-year low of $3.84. Currently, PolarityTE Inc has an average volume of 308.5K.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PTE in relation to earlier this year.
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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.