In a report published Friday, BTIG Research analyst Sean Lavin initiated coverage onHistogenics Corp.HSGX
with a Buy rating and $13.00 price target. In the report, BTIG Research noted, “Histogenics' NeoCart is likely to be the first regenerative tissue implant available in the U.S. with both cells and a scaffold to treat articular cartilage damage. Many companies have attempted to grow cartilage but have failed for a variety of reasons. It seems that, based on compelling Phase II data, Histogenics has developed proprietary tissue engineering techniques that make it likely that the Phase III data will also look compelling. We believe Histogenics will have a significant first-mover advantage and that other treatment options all have inadequate outcomes, the market is ~$10B in the U.S. and growing, the product should save the healthcare system money and the upside in owning shares is greater than the downside, though it is a binary around Phase III data, FDA approval and reimbursement.” Histogenics closed on Thursday at $8.43.
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