UPDATE: H.C. Wainwright Starts Nemaura Medical Inc (NMRD) at Buy

H.C. Wainwright analyst Yi Chen initiates coverage on Nemaura Medical Inc (NASDAQ: NMRD) with a Buy rating and a price target of $12.00.

The analyst comments "First-ever non-invasive continuous glucose monitoring system on the market. Nemaura Medical is a commercial-stage medical device company focused on the development and commercialization of the first non-invasive, needle-free and flexible continuous glucose monitoring (CGM) system—sugarBEAT—for adjunctive use by diabetes patients as well as those who wish to determine factors influencing their blood glucose profiles. sugarBEAT consists of a disposable adhesive skin-patch containing a sensor and a connected wireless transmitter. The sensor takes a measurement of the glucose reading every five minutes and sends the data by low energy Bluetooth to a smart device such as a mobile phone. The sensor contains proprietary technology that enhances skin permeation and makes glucose diffuse through the skin at a constant rate during sensor use. The glucose is collected in a hydrogel on the sensor for measurement of glucose in the interstitial fluid. Current CGM market leaders include Abbott and DexCom. Both Abbott and DexCom CGM systems use a needle to measure glucose inside the skin tissue. sugarBEAT is differentiated in that it makes glucose come to the skin surface to be harvested and measured. Therefore, sugarBEAT is pain free without skin bruise. sugarBEAT obtained CE Mark in May 2019 and commercialization has started in UK with affordable pricing. Nemaura submitted a Premarket Approval (PMA) application for sugarBEAT to the U.S. FDA in June 2020. We believe U.S. PMA may be obtained in 2022. We are initiating coverage with a Buy rating and 12-month price target of $12 per share."

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

Shares of Nemaura Medical Inc closed at $4.08 yesterday.

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