Rodman & Renshaw Starts Neurometrix Inc. (NURO) at Buy

Rodman & Renshaw initiated coverage on Neurometrix Inc. (NASDAQ: NURO) with a Buy rating and a price target of $4.50. Analyst Raghuram Selvaraju thinks the company has a competitive edge in treating chronic pain.

"In our view, the company's Quell® platform is differentiated from competitors in that it is a drug-free, non-invasive and wearable neuro-stimulation device that can provide systemic and effective pain relief, and can be worn during both daytime activities and throughout sleep at night. Quell® received FDA 510(k) approval in January 2016 and is the only available transcutaneous electrical nerve stimulation (TENS) product FDA-cleared for use during sleep. Quell® is also a smart device with an automated calibration algorithm for optimal, personalized stimulation intensity, which can be controlled via a smartphone app with cloud data storage. In our view, the Quell® products should constitute the main revenue growth driver for the foreseeable future," said Selvaraju.

"Given the clinical utility of Quell® and the substantial market opportunity in chronic pain management, we believe that NeuroMetrix, currently trading at a negative enterprise value, is undervalued and that the market continues to associate the company with earlier-generation products, while failing to appreciate the commercial value of Quell®," added the analyst.

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

Shares of Neurometrix Inc. closed at $1.73 yesterday.

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