Needham & Company Maintains a 'Buy' on MELA Sciences (MELA); Receives CE Mark to Sell in Europe
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Price: $1.12 --0%
Rating Summary:
4 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on MELA Sciences (NASDAQ: MELA) price target of $14.00.
Needham analyst says, "Receipt of the CE mark is a major milestone for MELA and we think the company could easily reach profitability in its first European market, Germany. This may also add to the pressure on the FDA. The head of the CDRH, the division reviewing the MELA application, is on record in congressional testimony saying that the original “non-approvable” letter was a mistake and should not have been sent, and that if the data supports MelaFind approval (and we already know it does via protocol agreement) that the device would be approved." (Needham lowers FY11 EPS estimate from (0.95) to (1.08), but raises FY12 from (1.13) to (0.87))
For more ratings news on MELA Sciences click here and for the rating history of MELA Sciences click here.
Shares of MELA Sciences closed at $2.24 yesterday.
Needham analyst says, "Receipt of the CE mark is a major milestone for MELA and we think the company could easily reach profitability in its first European market, Germany. This may also add to the pressure on the FDA. The head of the CDRH, the division reviewing the MELA application, is on record in congressional testimony saying that the original “non-approvable” letter was a mistake and should not have been sent, and that if the data supports MelaFind approval (and we already know it does via protocol agreement) that the device would be approved." (Needham lowers FY11 EPS estimate from (0.95) to (1.08), but raises FY12 from (1.13) to (0.87))
For more ratings news on MELA Sciences click here and for the rating history of MELA Sciences click here.
Shares of MELA Sciences closed at $2.24 yesterday.
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