UPDATE: Canaccord Genuity Raises PT to $12.50 on Sunshine Heart Following Pivotal Trial Approval
Canaccord Genuity reiterated its Buy rating on Sunshine Heart (NASDAQ: SSH) and raised its price target from $11 to $12.50.
Canaccord Genuity noted, " Sunshine Heart received FDA conditional approval for the C-Pulse pivotal trial. As expected, the trial will enroll 388 Class III/IV HF patients randomized to either C-Pulse or optimal medical therapy at 30-40 centers. … In addition, SSH has been granted approval to sell C-Pulse into the trial. We're maintaining our F2012 estimates, as it can take several months for centers to receive IRB approval prior to enrolling patients. That said, we believe it's possible the company could start booking revenue this quarter."
Sunshine Heart closed at $8.75 on Friday.
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