01:02 PM EST, 12/24/2024 (MT Newswires) -- NervGen, a biotech and regenerative medicine company, announced Friday the establishment of an ATM for up to $30 million. The ATM provides a capital market financing tool and option to raise funds in the open market and could coincide with spikes in volume, Stifel notes.

The ATM also enables general investors to support NervGen's near-term pursuits for Spinal Cord Injury (SCI), where analyst Justin Keywood anticipates a catalyst "looming within weeks" for completed enrollment. SCI impacts +300,000 people in the U.S. and estimated +US$45 billion in system costs with no approved drugs available.

Neuralink recently received Health Canada approval for a 4-year brain chip trial, Keywood adds. Neuralink and other stimulators are seen as complementary technology and NervGen's NVG-291, if successful, could aid in overall mobility.

Maintain Buy rating, $4.00 target. "We continue to see good risk-to-reward with a catalyst-rich six months ahead."

Price: 3.10, Change: +0.20, Percent Change: +6.90