CytoSorbents Receives “Outperform” Rating from Zacks (CTSO)
CytoSorbents (NASDAQ:CTSO)‘s stock had its “outperform” rating reaffirmed by Zacks in a research note issued on Friday, Stock Ratings Network reports. They currently have a $0.50 price objective on the stock. Zacks‘ target price indicates a potential upside of 214.47% from the company’s current price.
Zacks‘ analyst wrote, “CytoSorb was CE Marked in March 2011 and subsequently commenced its initial commercialization. Near-term game-plan is to build awareness to facilitate broader roll-out in Europe. FDA approval is a longer-term goal, the quest for which is now in the planning stage. Gov’t contracts/grants that CTSO continues to score should benefit near-term revenue and cash flow as well as aid their awareness-building efforts, further increase visibility and credibility of the technology, and potentially expand the menu of potential applications of the device. Interest in and use of CytoSorb from key opinion leaders has recently accelerated. Early feedback is positive and encouraging. Investigator-initiated studies and ongoing dosing study will provide add’l data points, facilitate increased uptake, and support quest for U.S.-based study. U.S. pilot study recently approved by FDA. As near-term revenue and contracts/grants are not expected to be significant enough to fund operations, CTSO will need to continue to raise capital on an ongoing basis which introduces meaningful risk. Despite certain risks, we feel the shares trade cheaper than warranted. “
Shares of CytoSorbents (NASDAQ:CTSO) traded up 6.92% during mid-day trading on Friday, hitting $0.17. The stock had a trading volume of 8,926,033 shares. CytoSorbents has a 1-year low of $0.08 and a 1-year high of $0.16. The stock’s 50-day moving average is $0.12 and its 200-day moving average is $0.11. The company’s market cap is $41.7 million.
CytoSorbents Corporation, formerly MedaSorb Technologies Corporation, is a development-stage therapeutic medical device company.
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