Heartbeam

BEAT · NASDAQ

$0.4108−$0.0022 (−0.53%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $0.413

BEAT analyst rating

BuyConsensus of 5 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy4
Hold1
Underperform0
Sell0

12-month price target · 4 analysts

Average $3.57 (+769.0% upside)

Low: $2.02
Now: $0.4108
High: $5.25

Upgrades and downgrades

The latest rating actions, newest first

BEAT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 22, 2026	Downgrade	Buy → Neutral	—	40%
Maxim Group	Jul 14, 2026	Initiates	Buy	$2.00	26%
HC Wainwright & Co.	May 22, 2026	Maintains	Buy	$5.50 → $2.50	40%
Benchmark	May 15, 2026	Maintains	Speculative Buy	$8.00 → $5.00	51%
B. Riley Securities	Mar 31, 2026	Initiates	Buy	$4.00	53%
D. Boral Capital	Mar 30, 2026	Maintains	Buy	$5.00	29%
D. Boral Capital	Mar 27, 2026	Initiates	Buy	$5.00	29%
HC Wainwright & Co.	Mar 16, 2026	Maintains	Buy	$5.50	40%
Benchmark	Dec 11, 2025	Upgrade	Speculative Buy → Buy	$8.00	51%
HC Wainwright & Co.	Dec 10, 2025	Maintains	Buy	$2.50 → $5.50	40%

The case for and against

Updated Oct 14, 2026

Bull case

HeartBeam is positioned favorably because its proprietary 3D ECG platform can synthesize a 12-lead ECG outside the hospital, potentially expanding mobile cardiac telemetry from arrhythmia-only monitoring into ischemia detection while leveraging existing reimbursement codes. Its commercial strategy is gaining traction through YTD flagship sites in New York, Dallas, South Florida and Southern California, and the direct pay opportunity could reach $75M-$150M in annual recurring revenue at 150,000 patients, with a broader TAM of $2.5 billion-$5.0 billion. Financially, the $11.5M equity offering lifted pro forma cash to $12.4M at 3/31, cash use was $3.6M in 1Q, and management sees cash flow breakeven at about 30,000 patients, reinforcing a path to scale.

Bear case

HeartBeam is weighed down by limited visibility into when the MI indication can be approved and converted into revenue, while management has explicitly reprioritized resources away from a large commercial buildout for arrhythmia because of constrained capital. The company remains early in commercialization, with only limited revenue expected in the coming quarters, a 2Q26 net loss of $5.0M, and operating cash outflow of $3.3M, underscoring ongoing burn. With $8.7M in cash at the end of June 2026, a pro forma $12.4M after the April 2026 offering, and stated risk of needing additional capital within the next 12 months, dilution and going-concern concerns remain material.

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