Maxim Group launched coverage of INVO Biosciences (NASDAQ:INVO) with a “buy” rating and $7 price target. The stock closed at $3.69 on Jan. 18.
INVO is a commercial-stage company with the world’s first and only intravaginal culture device, INVOcell, for patients seeking treatment for infertility.
Analyst Jason McCarthy, Ph.D., writes that in vitro fertilization is currently the most common form of assisted reproductive technology, though it comes with a significant price tag at $12,000-to-$15,000. “By performing the fertilization process in vivo, INVOcell can reduce costs by about 50% and reduce the need for fertility-inducing medication,” he added.
INVOcell is approved across North America and Europe and the company is utilizing a dual strategy for commercialization: opening INVOcell-only clinics as well as selling the product to existing IVF clinics through distribution partners.
Dr. McCarthy said management has “positioned INVO to grow revenue, which should translate into unlocking value for shareholders.”
