Echelon Capital Markets initiated coverage to Nanalysis Scientific (TSXV:NSCI) with a “buy” rating and price target of $2.85 (Canadian). The stock closed at $1.10 on Sept. 21.
“Nanalysis is a provisioner of compact nuclear magnetic resonance (NMR) spectrometers that we believe will transform the way laboratory- and field-based users approach chemical analysis,” writes analyst Stefan Quenneville. It sells its instruments in approximately 40 countries.
Mr. Quenneville said the company’s advanced instruments and software packages are used in industries including, oil and gas, cannabis, synthetic chemistry and biotech/pharma.
Nanalysis also is developing portable MRI instruments, powered by the same technology as the NMR instruments, which could enter and meaningfully expand the $8-billion MRI market in the coming years, he added.