LifeTech Has Strong Speculative Buy, $6 PT On Echo Therapeutics
Shares of Echo Therapeutics (Nasdaq: ECTE) are down almost 7% today despite the company announcing positive results from its clinical study of its Symphony tCGM System in patients with type 1 and type 2 diabetes. LifeTech Capital is bullish on the stock, however, giving it a strong speculative buy rating and a $6 price target, which is more than double where the shares currently trade.
LifeTech said investors should note three keys from recent Feasibility 2 results from Echo:
1.) The Feasibility 2 data indicates that the new Symphony® tCGM System can monitor a broader range of blood glucose values found in diabetic patients (from 38 to 399 mg/dL) whereas the previous Feasibility 1 study in healthy patients had a narrower range from (64 to 212 mg/dL). 2.) The Feasibility 2 data agreed with the data seen in their Prototype Pilot 3 trial in diabetic patients using Prelude® microabrasion. The data also indicates that Echo's non-invasive transdermal biosensor and skin microabrasion technology is equivalent to the competition's invasive sensor wire systems. 3.) The Symphony® tCGM System appears safe as there were no adverse events reported.
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