Benchmark cheers Modular Medical on insulin pump prospects

Modular Medical

25/03/2022 13:27

** Brokerage Benchmark starts with "speculative buy" on
Modular Medical Inc  MODD.O , an insulin pump focused medical
device company 
    ** Benchmark says co's insulin pump, MODD1, overcomes
current impediments to prescription and adoption due to its ease
of use
    ** Brokerage sees full commercial launch of MODD1 by end
2023
    ** "We estimate that Modular Medical has enough cash to
reach its next major milestones" - Brokerage
    ** Assigns PT of $8 - twice as much as MODD's last close
    ** "We believe our 3% market share estimate could prove to
be conservative, as comparable medical technology companies have
achieved higher market shares 5-7 years post launch" - Brokerage
    ** MODD jumps 8.3% premarket to $4.33 in light volumes; YTD,
stock down 52%

    
    

 (Reporting by Susan Mathew in Bengaluru)