Modular Medical inc. (MODD) PT Raised to $8 at Benchmark

Benchmark analyst Bruce Jackson raised the price target on Modular Medical inc. (NASDAQ: MODD) to $8.00 (from $5.00) while maintaining a Speculative Buy rating.

The analyst comments "Modular Medical continues to target 510(k) clearance MODD-1 insulin pump this quarter. The company ended the June quarter with $5 million in cash, which we estimate can carry Modular Medical through the end of the quarter and the anticipated 510(k) clearance of the MODD-1 insulin pump, at which point the company will consider how to finance the commercialization. In August, the company began the transfer of its pilot line manufacturing operations to PhilipsMedisize, with plans to have the new manufacturing operation validated and ready for human-use production early next year. We continue to believe the MODD1 insulin pump can appeal to a wider patient population by overcoming the impediments to adoption by providing an affordable, easy-to-use diabetes management solution appealing to patients, providers and payors alike. We are taking our price target to $8 a share based on an updated valuation analysis."

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