Benchmark Starts MANA Capital Acquisition Corp. (MANA) at Speculative Buy

Benchmark analyst Bruce Jackson initiates coverage on MANA Capital Acquisition Corp. (OTC: MANA) with a Speculative Buy rating and a price target of $14.00.

The analyst comments "We’re initiating coverage on MANA Capital Acquisition Company (NASDAQ: MAAQ) with a Spec. Buy rating and $14 price target. MANA is a Special Purpose Acquisition Company (SPAC) that is in process of acquiring privately-held Cardio Diagnostics, Inc., whose Epi+Gen CHD™ test can assess the 3-year risk for coronary heart disease better than the currently available risk assessment methods. Epi+Gen CHD is a blood test that uses three methylation-sensitive digital PCR(MSdPCR) assays to assess methylation status in key pathways. The resulting epigenetic information and the information from five genotype assays is then interpreted by an artificial intelligence (AI) algorithm to generate the risk score. The company pegs the potential market for its test at $51 billion in the United States alone. The combination of the two companies is expected to be completed during 2H 2022, at which point the combined entity will become an independent, publicly-traded company called Cardio Diagnostics Holdings, Inc. trading under the symbol CDIO on the NASDAQ. Assuming a post-transaction basic share count of 15.4 million shares and 25.1 million shares fully diluted, our $14 price target is 3x our 2025 revenue estimate of $62 million discounted at 10%. The revenue multiple and the discount rate reflect the early commercial stage of the company."

For an analyst ratings summary and ratings history on MANA Capital Acquisition Corp. click here. For more ratings news on MANA Capital Acquisition Corp. click here.

Shares of MANA Capital Acquisition Corp. closed at $15.50 yesterday.

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