HC Wainwright Reiterates “Buy” Rating for Check-Cap Ltd. (CHEK)

Check-Cap Ltd. (NASDAQ:CHEK)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued to clients and investors on Friday. They presently have a $6.00 target price on the medical research company’s stock. HC Wainwright’s price objective suggests a potential upside of 242.86% from the stock’s previous close.

The analysts wrote, “We note that this trial is designed to evaluate C-Scan’s ability to detect polyps as compared to colonoscopy. We expect a total data package of around 150 subjects to be submitted for CE Mark approval, which may potentially lead to European market entry in 2018. In the wake of this update, we reiterate our Buy rating and $6 price target. GE Healthcare collaboration awarded $1M grant. Check-Cap and GE Healthcare (GE; not rated) received approval of a $1M conditional grant from the Israel-U.S. Binational Industrial Research and Development Foundation (BIRD). The grant is to support development of a high- volume manufacturing process for the C-Scan system’s X-ray source and capsule assembly, and establish a unique product distribution process for a pilot clinical trial in the U.S.””

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Check-Cap from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a report on Monday, June 19th. Maxim Group reissued a “buy” rating on shares of Check-Cap in a report on Tuesday, May 30th. Finally, ValuEngine raised shares of Check-Cap from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $5.00.

Shares of Check-Cap (NASDAQ CHEK) opened at 1.75 on Friday. The stock’s 50 day moving average is $1.85 and its 200 day moving average is $2.06. Check-Cap has a 52-week low of $1.72 and a 52-week high of $2.95. The company’s market capitalization is $27.35 million.

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An institutional investor recently raised its position in Check-Cap stock. Knott David M boosted its stake in shares of Check-Cap Ltd. (NASDAQ:CHEK) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 162,871 shares of the medical research company’s stock after buying an additional 3,000 shares during the period. Knott David M owned about 1.05% of Check-Cap worth $349,000 as of its most recent SEC filing. 13.35% of the stock is currently owned by hedge funds and other institutional investors.

Check-Cap Company Profile

Check-Cap Ltd. (Check-Cap) is a clinical-stage medical diagnostics company. The Company is engaged in the development of an ingestible imaging capsule that utilizes low-dose X-rays for the detection and imaging of colonic polyps and colorectal cancers, or CRC. The Company’s system consists of main components, such as ingestible scanning capsule; Capsule Positioning System (CPS), a recorder worn on the patient’s back, and a personal computer (PC)-based work station for data reconstruction and image processing.

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