Apollo new system has potential for upside: Craig-Hallum

Craig-Hallum focused on upside potential OverStitch provides for Apollo. After Apollo Endosurgery announced that it has received a special 510(k) clearance from the FDA related to an accessory for its OverStitch Sx endoscopic suturing system, Craig-Hallum analyst Matt Hewitt reiterated a Buy rating and $11 price target on the stock, telling investors in a research note that he believes accessory will improve the “already impressive” safety profile of the device. Hewitt says there are many reasons to be bullish on the potential for OverStitch, including the size of the obesity market worldwide, the fact that current treatments for obesity are either short-term fixes or anatomy altering procedures, and previous clinical data that strongly suggests the MERIT trial will be a success. He says he is increasingly focused on the “significant” upside potential that OverStitch provides for Apollo

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