PolarityTE (PTE) PT Raised to $4 at Cantor Fitzgerald

Cantor Fitzgerald analyst Kristen Kluska raised the price target on PolarityTE (NASDAQ: PTE) to $4.00 (from $3.00) while maintaining a Overweight rating.

The analyst commented, "We reiterate our OW rating on PTE following 2Q20 earnings. We are increasing our PT to $4 from $3 in light of raising our SkinTE and service revenues for the second half of 2020 and 2021. Additionally, we are reducing near-term operating expenses. Highlights from the quarter include: 1) PolarityTE reported quarterly sales of $944,000 for SkinTE (the highest quarterly sales to date, which could be driven by positive outcomes from adjusting pricing in larger wounds, which was previously hindering use, and redirected sales efforts); 2) the company officially requested a meeting with the FDA (we understand the meeting could take place within 60-days, assuming no COVID-19 impacts from the agency); 3) the manufacturing node in Augusta, GA, became operational in late-2Q20 (as a reminder, this node is located in very close proximity to major wound-care centers, including the largest center in the U.S., JMS); and 4) PolarityTE reiterated guidance to be cognizant of cash burn, and expects cash could be sufficient into 2Q21."

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