H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on PolarityTE Inc (PTE) today and set a price target of $8. The company’s shares closed yesterday at $4.73, close to its 52-week low of $3.84.
Ramakanth noted:
“We view this as a positive especially because the new commercial strategy has been in execution by the office of the Chief Executive only since mid-April. Recall, previous management had set unrealistic expectations for the unimpressive 2018 SkinTE sales of $1.6M resulted in a valuation decline. The new management team revamped the commercial strategy, and implemented new initiatives to accelerate adoption and penetration of SkinTE including: (1) hired sales personnel with deep hospital-based wound care experience; (2) improved training and customized marketing and educational material; (3) utilized detailed market data to identify high-volume physicians; and (4) developed a more efficient peer-to-peer education system.”
According to TipRanks.com, Ramakanth ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -11.6% and a 29.0% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as IntelGenx Technologies, Gritstone Oncology Inc, and Trillium Therapeutics.
PolarityTE Inc has an analyst consensus of Strong Buy, with a price target consensus of $29, a 513.1% upside from current levels. In a report released yesterday, Northland Securities also maintained a Buy rating on the stock with a $50 price target.
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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 $17.25 million.
Based on the recent corporate insider activity of 35 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.
