CHF Solutions, Inc. (NASDAQ:CHFS) – formerly Sunshine Heart Inc.
CHF Solutions, Inc. (NASDAQ:CHFS) closed Thursday at $1.08 and gapped up to open at $1.29 before hitting their inter-day high of $1.65 – a gain of over 40%. Volumes are extraordinarily heavy. The 50-day, daily trading average is listed at just over 550,000 shares but already over 13.8 million shares of CHFS have traded hands. The market is responding to a news release by CHF Solutions that researchers in the Stanford University School of Medicine’s Department of Pediatrics have received FDA Investigational Device Exemption (IDE) approval to conduct a clinical study to evaluate the safety and effectiveness of CHF Solutions’ Aquadex FlexFlow Aquapheresis System for diuretic-resistant fluid overload in children with acute decompensated heart failure. Patients suffering from this condition have typically failed diuretic therapy and require hospitalization.
CHF Solutions, Inc. (NASDAQ:CHFS) was formerly known as Sunshine Heart Inc. and is based out of Eden Prairie, MN. In April, Sunshine Heart Inc. (NASDAQ:SSH) shares plummeted on news of the company’s pricing regarding a public share offering. Dilution has been a long-time concern for shareholders as the dilution adjusted share price in 2014 is calculated at over $200. While the nano-cap medical device firm has a market-cap under $15 million, for FY2016 the company reported a net loss applicable to shareholders of over $15 million – in 215 that loss was a larger loss of over $26 million.
Despite these performances, the sole investment firm, Cowen & Company, that follows CHF Solutions, Inc. (NASDAQ:CHFS) rates CHFS shares as a “Strong Buy” with a price target of $6.125.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Marc worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.