SenesTech (SNES) Stock Climbs on Back of ContraPest Progress in Hawai’i
Shares of pest control firm SenesTech (NASDAQ:SNES) are up nearly 6% in pre-market Tuesday, after the company announced that it has formally launched sales in Hawai’i. The Company has begun training and supply to local pest management professionals and distribution partners, with the market’s first sale and shipment of ContraPest®. In addition, SenesTech has been asked and has begun to train and develop deployment plans for ContraPest to Hawaiiana Property Management Company, LTD, an organization with over 700 homeowners associations and commercial properties under management in the Hawaiian Islands.
“Demonstration of ContraPest uptake, in the release of the Phase 1 data on an open forested area presented at the 25th Annual Hawai’i Conservation Conference by the Oahu Army Natural Resource Program, has produced an immediate and growing interest among frustrated property managers and applicators who have battled the rat problems in the Islands for decades,” said Dr. Loretta Mayer, CEO and Co-founder of SenesTech. “The feedback in the state of Hawai’i is similar to the California market, with an interest in integrating innovation and non-lethal solutions into their integrated pest management protocols. SenesTech is committed to this key market with full-time employee presence on the Islands to support ContraPest product training for certified applicators and distribution partners, as well as community engagement and education.”
“The Hawaiian climate, both in environmental and social aspects, represents a unique opportunity for ContraPest. We estimate the homeowner association market alone is over $10 million in near term opportunity. As the head of Hawaiiana said to me, ‘Every HOA property manager on the Islands will want this, as it addresses a troublesome problem and does so with less risk to handlers and secondary species,'” continued Dr. Mayer.
“Wildlife managers and public land stewards have also been frustrated by the inability of existing pest control protocols to adequately and safely control invasive rats. Based on successful research thus far, in our opinion, ContraPest offers a new solution for environmentally sensitive locations here on the Islands, that will then be evaluated for use in other key markets such as California,” concluded Dr. Mayer.
Two analysts have published ratings on SNES in the last 12 months: Craig-Hallum’s Kevin Ellich rated the stock a Buy with a price target of $2.00, while Roth Capital’s Gerry Sweeney issued a Buy rating a $3.75 price target. The 12-month average price target stands at $2.87, marking a nearly 110% upside from where the stock is currently trading. (To watch the analysts’ track record, click here)