Wedbush Says Cardica (CRDC) XCHANGE30 Commercialization 'Key Milestone'

December 27, 2012 8:21 AM EST
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Price: $2.35 --0%

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Wedbush reiterated its Outperform rating and $5 price target on Cardica, Inc. (NASDAQ: CRDC) after the company announced XCHANGE30 commercial launch in Europe.

"In our view, this announcement represents a significant milestone for Cardica as it signals that the company has finally moved beyond the iterative design process that was holding back the device’s commercial introduction earlier this year," the analyst said.

Near-term attention now turns to financing, the firm notes. "Our model suggests a current cash runway though the middle of next quarter (FQ3:13). We anticipate a raise of approximately $15 million occurring towards the beginning of next year, which would extend Cardica’s cash runway by roughly 12 months. We view the completion of a financing as an important near-term catalyst for investors."

For an analyst ratings summary and ratings history on Cardica, Inc. click here. For more ratings news on Cardica, Inc. click here.

Shares of Cardica, Inc. closed at $1.01 yesterday.

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