Shares of Senseonics Holdings Inc (NYSEAMERICAN:SENS) are trading higher on Thursday as an analyst at H.C. Wainwright started coverage on the stock with a Buy Rating and set a price target of $6.
H.C. Wainwright’s Vernon Bernardino states, “We are bullish on Senseonics based on the following three points: (1) as the only long-term CGM system on the market in both the U.S. and Europe, the Eversense is highly differentiated from other systems; (2) the Eversense has proven safety and efficacy in realworld management of diabetes; and
(3) the CGM market represents a blockbuster opportunity where Eversense has significant growth potential. We expect potential Eversense 180-day sensor approval to be a positive catalyst around year-end 2021. Thus, we look for assumption of Eversense commercialization responsibilities by the company’s partner, the global diabetes care company Ascensia Diabetes Care (private), to accelerate currently high double-digit revenue growth of 17.9% Q/Q, and drive positive momentum for Senseonics into 2022.”
At the time of writing, SENS stock is up by 17 cents or 5.6% to $3.29. So far more than 14.41 million shares have traded hands, compared to its 30-day average volume of 28.26 million shares. The stock has soared over 250% since the beginning of the year. Over the past 52-week, the stock has moved within a range of $0.35-$5.56.