UPDATE: Oppenheimer Initiates Sunshine Heart at Outperform on C-Pulse Potential

In a report published Thursday, Oppenheimer analyst Steven Lichtman initiated coverage on Sunshine Heart SSH with an Outperform rating and $11.00 price target.

In the report, Oppenheimer noted, “We are initiating coverage of SSH with an Outperform rating and $11 price target. SSH develops the C-Pulse Heart Assist System, a less invasive, less burdensome heart assist device for the treatment of moderate (NYHA Class III and ambulatory Class IV) heart failure (HF). Although the story is still early with US commercialization years away, feasibility trial data are encouraging, European approval is secured and the market opportunity is significant. The next major catalysts will be reimbursement notifications in Europe early in '14. In the interim, we expect patient performance and US trial milestone updates from SSH.”

Sunshine Heart closed on Wednesday at $5.79.