Shares of Movano Inc ( MOVE ) have tanked more than 50% year to date.

The FDA clearance of the company's Evie ring is expected this quarter, with a full commercial launch likely later this year, according to Benchmark.

Analyst Bruce Jackson initiated coverage of with a Speculative Buy rating and price target of $2.00.

The Movano Thesis: The company aims to serve the unmet demand for medical grade data with its proprietary 510(k) cleared ring, which is "capable of measuring blood oxygen saturation and heart rate at a level of precision that exceeds FDA standards," Jackson said in the initiation note.

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"The FDA clearance is important because the availability of a wearable device that is validated truly opens the market for professional use by doctors and medical researchers," the analyst wrote. "Movano is exploring multiple use cases with a variety of industry partners," he added.

A soft launch in the fourth quarter of 2023 and generated $1 million in sales during the first 10 days, "which bodes well for the full commercial launch," Jackson stated. The company plans to differentiate its device by marketing to women, he added.

MOVE Price Action: Shares of Movano had risen by 5.57% to 40 cents at the time of publication on Tuesday.

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