NSPR - Analyst's Bullish Price Target Causes Massive Buying Pressure

2023-06-12 10:36:21 ET

When times are good and the market is rallying in consecutive sessions, sometimes stocks will pop on any news at all, regardless of if it’s a fundamentally altering event for the company Seeing that the S&P 500 futures are trading in positive territory as we head toward Monday’s opening bell, we started noticing the bullish sentiment seep into individual stocks.

That’s exactly what is happening this morning for shares of %InspireMD (Nasdaq: ). Shares of this micro cap in the healthcare space are bid up during premarket hours after it was announced that Piper Sandler initiated coverage on the stock, starting off at an overweight rating and a price target of $3.00/share. Seeing that this stock closed at just $1.69 on Friday, it’s no wonder that traders are willing to snatch up shares this morning. At the time of writing, the current premarket bid is $1.89/share (+11.83% implied open for sellers). It should be an exciting session for this stock!

InspireMD Inc is the United States based medical device company. It is focused on the development and commercialization of proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. The products of the company are the CGuard carotid Embolic Prevention System (CGuard EPS) and the MGuard Prime Embolic Protection System (MGuard Prime EPS). It generates the majority of the revenue from the sales of CGuard EPS which combines MicroNet and a self-expandable nitinol stent in a single device for use in carotid artery applications. The group operates in Germany, Italy, Belarus, Brazil, and other countries.