Benchmark Co. analyst Bill Sutherland reiterated a Buy rating on HeartBeam on August 29 and set a price target of $8.00.
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Bill Sutherland has given his Buy rating due to a combination of factors that highlight HeartBeam’s promising outlook. The company is on track for a pilot commercial launch of its innovative cable-free, patient-held device that offers 12-lead ECG accuracy, following the FDA’s 510(k) clearance. This positions HeartBeam as a unique player in the market, with the potential to become as commonplace in homes as other health monitoring devices.
Additionally, HeartBeam has shown financial prudence by reducing its cash burn while preparing for the launch, and it has garnered increased interest from potential strategic partners. The company is also set to achieve significant milestones, including further FDA clearances and the expansion of its target market. These developments suggest a substantial growth opportunity, with an initial addressable market of $250-$500 million and potential to scale up to $1.3-$2.6 billion.
BEAT’s price has also changed moderately for the past six months – from $2.020 to $1.350, which is a -33.17% drop .