UPDATE: Ladenburg Thalmann Starts electroCore Inc. (ECOR) at Buy
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Ladenburg Thalmann analyst Jeffrey Cohen initiates coverage on electroCore Inc. (NASDAQ: ECOR) with a Buy rating and a price target of $3.00.
The analyst comments "We are initiating coverage of electroCore, Inc. (ECOR) with a BUY rating and $3.00 price target. ECOR is a medical device company focused on the commercialization of the gammaCore Sapphire device. The Sapphire is currently commercially available both in the US and OUS. The device received FDA 510(k) clearance for the treatment and prevention of cluster headache, treatment and prevention of migraine, and treatment of migraine in adolescents 12 years of age and older. Under FDA emergency use authorization (EUA), the gammaCore Sapphire can also be utilized for asthma exacerbations in known or suspected COVID-19 patients. In 2021, a unique Level II HCPCS code K1020 for “non-invasive vagus nerve stimulator” was established and went into effect in April 2021. The Sapphire fits within this newly defined code and is anticipated to support greater payor reimbursement efforts. Additionally, the company received a positive coverage decision from Highmark, which is the third-largest BCBS affiliated company serving five million patients. Finally, the Sapphire was awarded a five year Federal Supply Schedule Medical Equipment and Supply contract which covers approximately 21 million lives. This contract contributes the largest portion of US revenue to the company currently"
Shares of electroCore Inc. closed at $0.93 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot New Coverage, New Coverage
Related EntitiesLadenburg Thalmann Financial Services, FDA
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