H.C. Wainwright analyst Yi Chen raised the firm’s price target on HeartBeam (BEAT) to $5.50 from $2.50 and keeps a Buy rating on the shares after the FDA granted 510(k) clearance for the company’s 12-lead electrocardiogram synthesis software for the assessment of arrhythmia, overturning a prior not substantially equivalent outcome on appeal. The firm sees an attractive market for cardiac health care. With a subscription model of $500-$1,000 per patient per year, HeartBeam has annual revenue potential of $250M-$500M, the analyst tells investors in a research note.
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