ElectroCore Analyst: Nerve Stimulation Market Opportunity Is Large

A combination of a large total addressable market, regulatory clearance, strong partnerships and effective product has Ladenburg Thalmann analysts bullish on electroCore, Inc. ECOR.

The electroCore Analyst: Jeffrey Cohen initiated coverage on electroCore with a Buy rating and $3 price target.

The electroCore Takeaways: ElectroCore engages in the commercialization of the gammaCore Sapphire device, a non-invasive vagus nerve stimulator, said Cohen.

The device is primarily aimed at treating and preventing cluster headaches and migraines, said the analyst.

GammaCore Sapphire has also received authorizations for additional use cases for respiratory complications such as improving airflow in COVID-19 patients, he said. 

The analyst highlighted additional potential use cases in trials, including patients with PTSD, moderate traumatic brain injury or painful chronic pancreatitis.

ElectroCore owns 21 patents for gammaCore Sapphire, with additional patents pending, said Cohen.

Headache disorders are the most commonly occurring nervous system conditions affecting people across all demographics, according to the WHO.

Around 30% of people experience migraines, and nearly 4% of adults worldwide experience chronic headaches, the analyst said. 

In the U.S. alone, around 40 million people regularly experience migraine or cluster headaches, he said. 

From an economic standpoint, around $240 billion is lost annually due to headache-related worker productivity loss, said Cohen.

ECOR Price Action: electroCore was up 3.92% to $0.97 at Tuesday’s market close.