PolarityTE Inc (PTE) Received its Third Buy in a Row


After Evercore ISI and H.C. Wainwright gave PolarityTE Inc (NASDAQ: PTE) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Carl Byrnes maintained a Buy rating on PolarityTE Inc today and set a price target of $50. The company’s shares closed last Monday at $4.05, close to its 52-week low of $3.84.

Byrnes said:

“We view this event as a positive as it serves as resolution, and releases ALL claims. Key Points PTE Settlement w/ Dr. Denver Lough: PolarityTE has reached a settlement w/ Dr. Denver Lough, PolarityTE’s co-founder and former CEO. Key terms of the agreement are as follows: 1/ PolarityTE and Dr. Lough agree to release all claims against either party, known or unknown as of of Dr. Agreement, excepting for non-disclosure of confidential information, non-compete and non- solicitation, and indemnification for service to PolarityTE.; 3/ Dr. Lough cannot vote his shares of the PTE stock; 4/ Resignation of all offices held by Dr. and its Agreement wherein Dr. Lough will sign any lock-up agreement requested by investment bankers relating to any possible future financing.”

According to TipRanks.com, Byrnes is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -12.8% and a 26.0% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Opiant Pharmaceuticals Inc, Aridis Pharmaceuticals Inc, and Adamas Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for PolarityTE Inc with a $28.80 average price target, a 540.0% upside from current levels. In a report issued on August 20, Cantor Fitzgerald also reiterated 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 June 30, the company reported a quarterly GAAP net loss of $22.79 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.

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.

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