Neovasc Inc. (NVCN) rose 40% today to 78 cents and is up almost 70% since our first report on this undervalued gem on July 15 when it closed at 46 cents. A follow up report on July 27 added more fuel to the fire to the idea that NVCN is a strong buyout target. Read those reports if you are unfamiliar with the story. NVCN has tanked from over $7 to less than $1 due to the original legal settlement against the company and a bunch of ambulance-chasing lawyers who want shareholders to sue the company. While the amount of "lawsuits" set up against the company appear intimidating to the novice investor, understand that ambulance-chasers set up lawsuits all the time, even when a stock gets bought out or has good news. They are worthless. The only one investors must pay attention to is the patent infringement lawsuit which originally went CardiAQ's way, but is in appeal and investors should hear a significant update from Neovasc some time this month.
Even with the drop in share price after the news of the initial settlement, Canaccord Genuity reaffirmed a $7 target price on NVCN as recently as July 12. This represents an 800% upside from Wednesday's closing price. Assuming today's momentum continues, investors can expect NVCN to trade at over $1 again shortly, and if good news comes out of the patent infringement case, the stock could skyrocket back to over $2.
Even with the drop in share price after the news of the initial settlement, Canaccord Genuity reaffirmed a $7 target price on NVCN as recently as July 12. This represents an 800% upside from Wednesday's closing price. Assuming today's momentum continues, investors can expect NVCN to trade at over $1 again shortly, and if good news comes out of the patent infringement case, the stock could skyrocket back to over $2.
Case is NOT under appeal. Judge is deciding then appeals can come. Catch up would you?
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