DDD stock is moving higher in early trading on January 13, 2020, after the company received an upgrade from an analyst at Craig-Hallum.
Craig-Hallum analyst Greg Palm upgraded DDD stock to a Buy rating and raised his price target to $14, up from $9. The analyst believes the narrative is changing at 3D Systems. With a focus on shareholder value, coupled with a return to revenue growth and a major uptick in profitability.
The Craig-Hallum upgrade came on the heels of news that 3D Systems (NYSE:DDD) has signed an agreement with CollPlant Biotechnologies (NASDAQ: CLGN).
Today, 3D Systems (NYSE: DDD) and CollPlant Biotechnologies (NASDAQ: CLGN), announced signing a joint development agreement intended to play a pivotal role in advancing and accelerating breakthroughs in the biomedical industry. The collaboration brings together two industry pioneers–3D Systems, renowned for its 3D printing technologies and healthcare expertise; and CollPlant, the developer of proprietary recombinant human collagen (rhCollagen) BioInk technology currently used for 3D bioprinting of tissues and organs. The two companies plan to jointly develop tissue and scaffold bioprinting processes for third party collaborators.
3D Systems and CollPlant recognized an unmet market need for a comprehensive solution to produce tissues and scaffolds for regenerative medicine applications. The companies intend to create integrated 3D bioprinting solutions comprised of state-of-the-art 3D bioprinters and BioInks to produce tissues and scaffolds. In accordance with the collaboration agreement, both companies may use a combination of 3D Systems’ printers, CollPlant’s BioInks, and new formulations of rhCollagen-based BioInks jointly developed by the companies, for their own products, as well as for deployments with third parties.
“3D Systems is excited to work with CollPlant to develop groundbreaking bioprinted tissue and scaffold technologies,” said Chuck Hull, co-founder and chief technology officer, 3D Systems. “We believe 3D printing to be a key technology for regenerative medicine, and this collaboration is one of many we are entering to play an integral role in this exciting field. Combining our innovative 3D printing technologies with CollPlant’s rhCollagen based BioInks has the potential to make a significant impact in bioprinting and regenerative medicine.”
“We strongly believe that our proven rhCollagen is the finest building block for regenerative medicine tissues and scaffolds available today,” Yehiel Tal, chief executive officer of CollPlant, stated. “As the leading additive manufacturing printing solutions company, 3D Systems is the perfect partner for us. Together, we can offer the best combined technology for 3D bioprinting. We are honored to have established this important collaboration and we look forward to working together to advance 3D bioprinting technology to the commercial phase.”