Polarityte (NASDAQ:PTE) Raised to “Buy” at Zacks Investment Research

Polarityte (NASDAQ:PTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $4.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 25.39% from the stock’s previous close.

According to Zacks, “PolarityTE, Inc. creates regenerative medicine and provides tissue engineering platform. It develops and obtains regulatory approval for technology which utilizes a patient’s own tissue substrates for regeneration of skin, bone, muscle, cartilage and nerves. The product pipeline comprises SkinTE, OsteoTE, AngioTE, MyoTE, CarteTE, AdiposeTE and NeuralTE. PolarityTE, Inc., formerly known as Majesco Entertainment Company, is headquatered in Salt lake City, Utah. “

Other equities analysts have also issued research reports about the stock. Northland Securities set a $20.00 price objective on shares of Polarityte and gave the company a “buy” rating in a report on Friday, October 11th. Cantor Fitzgerald dropped their price objective on shares of Polarityte from $50.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. Piper Jaffray Companies dropped their price objective on shares of Polarityte from $26.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of Polarityte in a report on Wednesday, November 13th. Finally, Oppenheimer set a $14.00 price objective on shares of Polarityte and gave the company a “buy” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $11.75.

Shares of NASDAQ PTE traded up $0.04 during trading on Tuesday, hitting $3.19. 402 shares of the company traded hands, compared to its average volume of 293,805. The business’s fifty day moving average is $2.96 and its 200 day moving average is $4.85. Polarityte has a fifty-two week low of $2.10 and a fifty-two week high of $18.17. The firm has a market capitalization of $88.78 million, a price-to-earnings ratio of -0.67 and a beta of 1.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.62 and a current ratio of 3.65.

Polarityte (NASDAQ:PTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.87) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.14. The company had revenue of $1.40 million for the quarter, compared to analyst estimates of $1.41 million. During the same quarter in the prior year, the company posted ($0.86) EPS. On average, analysts predict that Polarityte will post -3.85 EPS for the current year.

Several large investors have recently bought and sold shares of the company. Comprehensive Portfolio Management LLC increased its position in shares of Polarityte by 19.5% during the third quarter. Comprehensive Portfolio Management LLC now owns 33,700 shares of the company’s stock worth $109,000 after acquiring an additional 5,500 shares in the last quarter. Marshall Wace LLP increased its position in shares of Polarityte by 50.9% during the second quarter. Marshall Wace LLP now owns 17,881 shares of the company’s stock worth $102,000 after acquiring an additional 6,031 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Polarityte during the first quarter worth about $73,000. Charles Schwab Investment Management Inc. increased its position in shares of Polarityte by 29.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 33,959 shares of the company’s stock worth $194,000 after acquiring an additional 7,755 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Polarityte by 6.5% during the second quarter. Northern Trust Corp now owns 149,783 shares of the company’s stock worth $853,000 after acquiring an additional 9,200 shares in the last quarter. 38.44% of the stock is owned by institutional investors.

About Polarityte

PolarityTE, Inc, a biotechnology and regenerative biomaterials company, focuses on discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine and Contract Services.

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