AspenBio Pharma PT Lowered to $3.50 (APPY)
Equities researchers at Aegis dropped their price target on shares of AspenBio Pharma (NASDAQ:APPY) from $6.00 to $3.50 in a research report issued on Monday, AnalystRatingsNetwork reports. The firm currently has a “buy” rating on the stock. Aegis’ target price would indicate a potential upside of 144.76% from the stock’s previous close.
The analysts wrote, “We are reducing our price target on Venaxis, Inc. due to the dilution that occurred in the wake of the firm’s most recently-completed financing. While we would recommend that investors take note of the upcoming catalysts for the stock, which include reporting pivotal results for the APPY1 test and potentially filing for approval of this product early next year, we believe that a re-evaluation of our valuation projections was necessary following the most recent financing. Accordingly, we reiterate our Buy rating and lower our 12-month price target from $6.00 to $3.50 per share.”
AspenBio Pharma (NASDAQ:APPY) traded up 0.70% on Monday, hitting $1.44. 210,257 shares of the company’s stock traded hands. AspenBio Pharma has a 1-year low of $1.15 and a 1-year high of $3.18. The stock has a 50-day moving average of $1. and a 200-day moving average of $1.76. The company’s market cap is $30.9 million.
AspenBio Pharma, Inc (NASDAQ:APPY) is a bio-pharmaceutical company dedicated to the discovery, development, manufacture, and marketing of products.
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