PAVM - Start Accumulating PAVmed

• The shares of the company are extremely volatile as visibility into the financial future of the company is limited.
• However, we do think that, while certainly not devoid of risk, the shares potentially contain much more value, given Lucid's addressable market and the rapid build-up of its commercial infrastructure.
• Add to that the opportunities for some of its other products, and given the recent share sale and the companies should be able to proceed for quite a while.
• Commercial efforts ensued slower than hoped, and the company is experiencing headwinds from the pandemic, leading to considerable weakness in the share price.

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