Investing.com - BTIG initiated coverage on Ceribell (NASDAQ: CBLL ) Tuesday with a Buy rating and a $30.00 price target, citing the company’s point-of-care EEG monitoring system powered by proprietary AI technology.

The Ceribell System uses the company’s AI-driven Clarity algorithm, which received an on-label indication for diagnosing Electrographic Status Epilepticus, a seizure condition lasting over five minutes. The technology has already been used in more than 200,000 patients across 558 active accounts in the United States.

BTIG’s proprietary survey of 25 existing Ceribell customers revealed expectations for a 32% year-over-year increase in headband volumes in 2025, with continued utilization growth in subsequent years. Survey respondents also expressed interest in potential label expansion into delirium detection and monitoring.

The research firm noted that while Ceribell is still in early commercialization stages, the company has been investing in its sales organization and R&D to expand its commercial presence, increase utilization in existing accounts, and develop additional indications.

BTIG’s $30 price target is based on 8x its 12-24 month enterprise value to sales estimate, with potential additional upside from international expansion as the Ceribell System already has CE Mark approval and the company plans to pursue further regulatory clearances for marketing abroad.

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