HC Wainwright Reaffirms “Buy” Rating for Check Cap (CHEK)

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HC Wainwright reaffirmed their buy rating on shares of Check Cap (NASDAQ:CHEK) in a report published on Wednesday morning. They currently have a $14.00 target price on the medical research company’s stock.

“We note that these results compare favorably to those released from the CE Mark study, as C-Scan system version 3 has better scan imaging density, 2D/3D imaging and a new motility analysis algorithm. Management expects to report final results on a larger patient group in 2Q19. Given the encouraging interim data, we continue to believe that C-Scan could be commercially launched in EU through a partner in 2019. Check-Cap has already applied to register C-Scan for marketing and sale in Israel, and marketing approval in Israel could be obtained in the current quarter, in our view. We believe C-Scan has the potential to increase the number of adults screened for CRC by eliminating common barriers such as unpleasant bowel preparation, and allow for early detection of polyps without the use of colonoscopy. In the wake of this update, we reiterate our Buy rating and $14 price target.”,” HC Wainwright’s analyst commented.

Separately, Zacks Investment Research upgraded Check Cap from a hold rating to a buy rating and set a $3.75 target price on the stock in a research note on Monday, August 6th.

CHEK opened at $3.98 on Wednesday. Check Cap has a 12 month low of $3.08 and a 12 month high of $24.00.

Check Cap (NASDAQ:CHEK) last released its quarterly earnings results on Friday, August 10th. The medical research company reported ($0.70) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.82) by $0.12. sell-side analysts predict that Check Cap will post -2.6 EPS for the current fiscal year.

An institutional investor recently bought a new position in Check Cap stock. Renaissance Technologies LLC bought a new position in shares of Check Cap Ltd (NASDAQ:CHEK) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 129,442 shares of the medical research company’s stock, valued at approximately $524,000. Renaissance Technologies LLC owned about 8.09% of Check Cap at the end of the most recent reporting period. 15.97% of the stock is currently owned by institutional investors.

Check Cap Company Profile

Check-Cap Ltd., a clinical stage medical diagnostics company, engages in the development of a capsule-based system that utilizes low-dose X-rays for screening of the colon to detect polyps, masses, and colorectal cancers in Israel. Its C-Scan system consists of C-Scan Cap, an X-ray scanning capsule, which is designed to measure, collect, and transmit structural information; C-Scan Track, a biocompatible unit worn on the patient's back for capsule control, tracking, and data recording; and C-Scan View, a personal computer-based software package, which is designed to retrieve and process clinical data from the C-Scan Track, and to reconstruct and produce 3D visualization of the colon's inner surface.

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