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UPDATE: Wedbush Reiterates Cardica at Outperform on Key Milestone, Financing Catalyst

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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.

Latest Ratings for CRDC

May 2013WedbushInitiates Coverage onOutperform
Jan 2013Loewen, Ondaatje, McCutcheon USA LimitedInitiates Coverage onBuy
Mar 2012Wedbush SecuritiesMaintainsOutperform

View More Analyst Ratings for CRDC
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Reiteration Intraday Update Analyst Ratings


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