UPDATE: Maxim Group Sees Big Opportunity in Harvard Apparatus (HART), Starts at Buy w/PT of $19
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Price: $30.67 --0%
Rating Summary:
2 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - March 14, 2014 8:35 AM EDT)
Maxim Group initiated coverage on Harvard Apparatus Regenerative Technology (NASDAQ: HART) with a Buy rating and a price target of $19.00. Analyst Pamela Bassett noted its lead product's proof-of clinical concept was already achieved.
"HART is pioneering the generation of solid organs using its proprietary, integrated process—growing autologous cells on a synthetic scaffold in a bioreactor. This first in-class therapeutic approach has already achie'ed proof-of-clinical concept (POC) in the creation of a synthetic trachea. HART's first product candidate, the InBreath Airway Transplant System, is undergoing clinical trials and has been used successfully to create replacement tracheas in multiple trauma and cancer patients," said Basset.
"Due to the lack of donated organs for transplantation and the backlog of patients awaiting transplants, patients are at high risk for morbidity and mortality," continued the analyst. "Further, the anti-rejection medicines required to maintain the transplanted organ are a source of ongoing morbidity and mortality. These significant risks and costs can be eliminated by HART's organogenesis using autologous cells—a critical advantage, in our opinion, that virtually eliminates organ rejection risk."
"Our current assumptions are that HART's InBreath Airway Transplant System will launch in Europe in 2016 and the U.S. in 2017. Currently, InBreath is in the early stages of clinical development. Therefore, we have applied a discount rate of 30% in our modeling assumptions. Using these metrics, we model the market potential and discount back in our FCF, discounted EPS, and sum-of-the parts models to arrive at a $19.00 price target," she added.
For an analyst ratings summary and ratings history on Harvard Apparatus Regenerative Technology click here. For more ratings news on Harvard Apparatus Regenerative Technology click here.
Shares of Harvard Apparatus Regenerative Technology closed at $9.49 yesterday.
Maxim Group initiated coverage on Harvard Apparatus Regenerative Technology (NASDAQ: HART) with a Buy rating and a price target of $19.00. Analyst Pamela Bassett noted its lead product's proof-of clinical concept was already achieved.
"HART is pioneering the generation of solid organs using its proprietary, integrated process—growing autologous cells on a synthetic scaffold in a bioreactor. This first in-class therapeutic approach has already achie'ed proof-of-clinical concept (POC) in the creation of a synthetic trachea. HART's first product candidate, the InBreath Airway Transplant System, is undergoing clinical trials and has been used successfully to create replacement tracheas in multiple trauma and cancer patients," said Basset.
"Due to the lack of donated organs for transplantation and the backlog of patients awaiting transplants, patients are at high risk for morbidity and mortality," continued the analyst. "Further, the anti-rejection medicines required to maintain the transplanted organ are a source of ongoing morbidity and mortality. These significant risks and costs can be eliminated by HART's organogenesis using autologous cells—a critical advantage, in our opinion, that virtually eliminates organ rejection risk."
"Our current assumptions are that HART's InBreath Airway Transplant System will launch in Europe in 2016 and the U.S. in 2017. Currently, InBreath is in the early stages of clinical development. Therefore, we have applied a discount rate of 30% in our modeling assumptions. Using these metrics, we model the market potential and discount back in our FCF, discounted EPS, and sum-of-the parts models to arrive at a $19.00 price target," she added.
For an analyst ratings summary and ratings history on Harvard Apparatus Regenerative Technology click here. For more ratings news on Harvard Apparatus Regenerative Technology click here.
Shares of Harvard Apparatus Regenerative Technology closed at $9.49 yesterday.
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