UPDATE: Loewen, Ondaatje, McCutcheon Initiates Cardica at Buy on Competitive Positioning

Loewen, Ondaatje, McCutcheon initiated coverage on Cardica CRDC with a Buy rating and a $2.50 price target. Loewen, Ondaatje, McCutcheon commented, "Cardica is an exciting turnaround story that will be driven by its recent commercial entry into the $1.6 billion global endoscopic stapler market. The Company's MicroCutter XCHANGE 30 is a unique and highly differentiated surgical instrument that, among several advantages, is substantially smaller than competing products. Based on our clinician and industry due diligence, we believe Cardica is well‐positioned to capture a significant share of the 4 million minimally invasive surgeries performed annually worldwide that utilize an endoscopic stapler." Cardica closed at $1.10 on Monday.