Ra Medical Systems Inc (RMED) Gets a Buy Rating from Cantor Fitzgerald

By Carrie Williams

Cantor Fitzgerald analyst Craig Bijou initiated coverage with a Buy rating on Ra Medical Systems Inc (NYSE: RMED) today and set a price target of $21. The company’s shares closed on Friday at $13.35.

Bijou commented:

“. We are initiating coverage of RMED shares with an Overweight rating and a $21 12-month price target. RMED has developed a novel laser technology to treat peripheral arterial disease (PAD) that is less traumatic and offers a favorable economic value proposition than current technologies on the market. RMED is an execution story as its vascular business, which is the primary growth driver for the next several years, is still at an early stage of commercialization. As RMED ramps its commercialization of the DABRA procedure according to plan, we think the company’s valuation multiple should rapidly expand.”

According to TipRanks.com, Bijou is a 4-star analyst with an average return of 15.2% and a 63.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.

Ra Medical Systems Inc has an analyst consensus of Moderate Buy, with a price target consensus of $23, a 72.3% upside from current levels. In a report released today, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $23 price target.

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The company has a one-year high of $22 and a one-year low of $10.76. Currently, Ra Medical Systems Inc has an average volume of 314.1K.

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Ra Medical Systems, Inc. designs, develops, and commercializes excimer lasers for the treatment of dermatologic and cardiovascular diseases. Its product, Pharos, is used for the treatment of difficult-to-treat, chronic diseases including psoriasis and vitiligo.