Oh, it’s a buy: analyst upgrade places CardieX at triple current share price
Health & Biotech
Health & Biotech
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Analysts have labelled CardieX and its blood pressure tech a Christmas buy for growth in 2022.
A leading independent analyst has put a conservative buy price target – triple the current price – on Aussie medtech CardieX Limited (ASX:CDX) saying that target does not even factor in the “enormous” underlying consumer market opportunity for the Company.
Blue Ocean Equities has initiated coverage of CardieX with a “spec buy” recommendation and target price of 16 cents, with the CDX shares at 0.052 cents per share at the time of release.
As stated in the report:
“Our 5-year DCF based target price of $0.16/s acknowledges CDX early-stage growth potential and the impending nature of the FDA clearance process for the new product suite.”
And as further noted:
“However, this target price does not nearly reflect the enormous, longer-term potential should CDX unique products succeed in becoming mainstream household names.” Read the report here
After 20 years of establishing their technology within the medical industry, CardieX is pivoting to the consumer sector.
The Company is working on commercialising a range of wearable, consumer health apps and home health devices through manufacturing and development partnerships via its new consumer health division, CONNEQT.
The Company’s product development ecosystem includes several strategic relationships with other high calibre companies including Butchershop, Mobvoi, Fenda Technology, Andon, and LifeQ.
CONNEQT is focused on obtaining FDA clearance for its new devices and digital solutions in 2022.
Among the suite of products CardieX is developing is a “dual blood pressure monitor” – the “CONNEQT Pulse” – which is anticipated to be the world’s first consumer vital signs monitor to include central blood pressure and other advanced arterial health biometrics.
The Company is also developing a new wearable device focused on arterial health – the “CONNEQT Band” – with similar biometric parameters as the Pulse.
Cardiovascular disease is the leading cause of death globally, and hypertension (high blood pressure) is a key warning sign of heart disease. Nearly half the adults in the United States – some 108 million – have hypertension, which caused or contributed to an estimated half a million deaths in 2018.
Hypertension and cardiovascular disease are also linked to other serious conditions including obesity, orthopedic health, Alzheimers, renal disease, pregnancy complications and diabetes – all key markets that are being targeted by the Company with their new devices.
This article was developed in collaboration with CardieX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.