Rodman & Renshaw Starts HTG Molecular Diagnostics (HTGM) at Buy
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Rodman & Renshaw initiated coverage on HTG Molecular Diagnostics (NASDAQ: HTGM) with a Buy rating and a price target of $5. Analyst Raghuram Selvaraju sees an attractive entry point.
"The HTG Edge/EdgeSeq system uses much less biopsy sample material (less than 10% of that required by traditional methods), does not require extraction of nucleic acids, and retains high fidelity under various sample conditions, reducing costs and enhancing convenience. Particularly important for cancer/tumor profiling, HTG’s system can consolidate multiple techniques on a single platform, thus enhancing workflow efficiency with a faster turnaround vs. traditional methods, and is sequencing platform-agnostic (i.e., can be integrated seamlessly with existing next-generation sequencing systems in the field). HTG Edge and EdgeSeq systems have CE Mark designation. The company plans to launch a next-generation system targeting the lower-throughput clinical market in 2017. HTG expects to receive CE IVD Mark for its first clinical assay, ALKPlus, and submit a modular PMA to the FDA in 2016. We anticipate gradual expansion of the HTG EdgeSeq system footprint in the coming years," said the analyst.
Shares of HTG Molecular Diagnostics closed at $2.44 yesterday.
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