Carmat SAS

Carmat is focused on the research and development of an innovative product in the medical sector, developing an orthotopic and biocompatible artificial heart which is completely implantable, as well as its electrical power supply system and remote diagnosis system. Co. is developing a long-term therapeutic solution for patients who suffer from advanced bi-ventricular heart failure and who are not eligible for cardiac transplantation and who have exhausted all drug possibilties. Co. is still in the phase of research and development and thus do not generate any revenues.
  • TickerALCAR
  • ISINFR0010907956
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance

Analysts

Carmat - First half of CE mark-enabling trial fully enrolled

In July, Carmat announced the enrolment of the 10th and final patient included in the first leg of its EU pivotal study investigating the surgical implantation of the Carmat total artificial heart (TAH) in patients suffering from end-stage biventricular heart failure (HF). Following the successful surgeries, the company expects to enrol an additional 10 patients in the second cohort by the year end. According to Carmat, data from all 20 patients should be sufficient to obtain CE marking for the bioprosthesis in 2019. Most notably, Carmat announced the first successful donor heart transplant of...

Martial Descoutures ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - Carmat : Calendrier clinique confirmé - NEUTRE, OC 27€

CARMAT a réalisé fin septembre une présentation investisseur pour remettre en exergue ses avancées cliniques et rappeler les enjeux importants du projet entamé il y a une décennie. La publication et la présentation sont ressorties sans véritable surprise tant du point de vue clinique que financier. Au total, 11 patients ont bénéficié de la prothèse dont 2 ont subi une transplantation cardiaque. Le calendrier est confirmé avec une fin de recrutement prévue avant fin 2018 pour un marquage CE en 2019. A ce stade, nous adoptons une posture prudente justifiée par le chemin restant à parcourir, le c...

1 director sold

A director at Carmat sold 750 shares at 27.567EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members al...

Carmat - First half of CE mark-enabling trial fully enrolled

In July, Carmat announced the enrolment of the 10th and final patient included in the first leg of its EU pivotal study investigating the surgical implantation of the Carmat total artificial heart (TAH) in patients suffering from end-stage biventricular heart failure (HF). Following the successful surgeries, the company expects to enrol an additional 10 patients in the second cohort by the year end. According to Carmat, data from all 20 patients should be sufficient to obtain CE marking for the bioprosthesis in 2019. Most notably, Carmat announced the first successful donor heart transplant of...

Martial Descoutures ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - Carmat : Calendrier clinique confirmé - NEUTRE, OC 27€

CARMAT a réalisé fin septembre une présentation investisseur pour remettre en exergue ses avancées cliniques et rappeler les enjeux importants du projet entamé il y a une décennie. La publication et la présentation sont ressorties sans véritable surprise tant du point de vue clinique que financier. Au total, 11 patients ont bénéficié de la prothèse dont 2 ont subi une transplantation cardiaque. Le calendrier est confirmé avec une fin de recrutement prévue avant fin 2018 pour un marquage CE en 2019. A ce stade, nous adoptons une posture prudente justifiée par le chemin restant à parcourir, le c...

Martial Descoutures ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - Carmat : L'international au cœur du développement - NEUTRE, 27€ vs 31€

Ces derniers mois, la dynamique s'est accélérée. Du point de vue clinique, le recrutement en France a repris et le groupe a ouvert 3 centres reconnus à l'étranger portant le nombre d'implantations dans l'essai pivot à 6. Côté industriel, CARMAT s'est doté d'un nouvel outil de production à Bois-d'Arcy. Enfin, la société a renforcé sa trésorerie avec une AK de 53m€. En dépit de ces accomplissements, le chemin restant à parcourir est encore long et une nouvelle opération dilutive devrait être envisagée à horizon 2019. Par ailleurs, la visibilité limitée à CT sur le recrutement et sur l'issue de l...

Back on track as pivotal study resumes

Carmat resumed the EU pivotal trial of its artificial heart after addressing regulator concerns. We anticipate that the study could be completed in mid-2019, leading to a potential EU launch in 2020. The Carmat device could potentially fill a significant need among those waiting for human transplants and/or with terminal heart failure (HF) or acute myocardial infarction (MI). Our valuation is €627m, down from €747m previously.

Carmat obtains clearance to resume pivotal study

Carmat announced on 2 May 2017 that it has obtained approval from the French regulatory agency (ANSM) to resume its pivotal trial for the Carmat heart. This follows a favourable review by ANSM of the actions and analyses taken by Carmat following the trial’s suspension after the death in October 2016 of this trial’s first patient six weeks after his implantation. Carmat maintained that the death was not due to a prosthesis malfunction, but due to poor handling of the batteries by the patient. Our valuation (previous rNPV of €747m in our 15 July 2016 update note) is under review.

1 director sold

A director at Carmat sold 750 shares at 27.567EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members al...

1 director sold

A director at Carmat sold 5,079 shares at 27.230EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Insider sold: A director sold 622 shares at 29.252EUR and

A director at Carmat sold 622 shares at 29.252EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Proxy Report - 05/04/2018

A la date de publication de la présente Lettre Conseil (soit le 22 mars 2018, soit 14 jours avant l'assemblée), la société n'a toujours pas sorti son rapport de gestion, ou son rapport annuel ou son document de référence, et ce malgré les sollicitations de Proxinvest. Rappelons que la société est cotée sur un marché régulé et qu'elle a obligation de publier son rapport de gestion 15 jours préalablement à l'assemblée (contre 21 jours pour les sociétés du marché réglementé). Ainsi, un grand nombre d'informations manquent pour réaliser l'analyse complète des résolutions proposées. Par ailleurs,...

Jehanne Leroy

Etude de l'AG du 27/04/2017

Cette année encore, Proxinvest déplore le fait que la société s’autorise à intervenir sur son capital en période d’offre publique, ce qui peut être considéré comme un outil anti-OPA, et est donc défavorable aux actionnaires. De plus, Proxinvest regrette particulièrement le manque de transparence de la société concernant, d’une part, la rémunération des dirigeants mandataires sociaux, et d’autre part, les autorisations d’émissions d’options de souscriptions ou d’actions de performance, présentées dans les résolutions 24 à 30.Notons que le taux de féminisation du Conseil, avec seuleument une fem...

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