UPDATE: Wedbush Reiterates Cardica at Outperform on Key Milestone, Financing Catalyst
Wedbush maintained its Outperform rating and $5 price target on Cardica (NASDAQ: CRDC).
Wedbush said, "Cardica announced that it made its first shipment of the XCHANGE30 MicroCutter stapler to its European distributer for Germany, Austria and Switzerland. In our view, this announcement represents a significant milestone for Cardica as it signals that the company has finally moved beyond the iterative design process that was holding back the device's commercial introduction earlier this year. … With a commercially-ready device now in hand, we expect Cardica to focus on its near-term financing needs. We anticipate a raise of approximately $15 million occurring towards the beginning of next year, which would extend Cardica's cash runway by roughly 12 months. We view the completion of a financing as an important near-term catalyst for investors."
Cardica closed at $1.01 on Wednesday.
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