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Protea Biosciences Group (NASDAQ:PRGB)‘s stock had its “outperform” rating reaffirmed by Zacks in a research report issued on Wednesday. They currently have a $2.00 price target on the stock. Zacks‘s price objective would suggest a potential upside of 233.33% from the stock’s previous close.

Zacks’ analyst wrote, “Protea is at the initial stages of the roll-out of its revolutionary LAESI technology which is used with mass spectrometry and which has substantive advantages over traditional ionization methods. Commercialization of the LAESI instruments is being complemented with the company’s molecular information services offerings and collaborations with leading medical institutions and industry partners. These current and additional partnerships and collaborations are expected to help build awareness of LAESI and Protea’s capabilities and eventually lead to new product launches and services offerings. With 20+ new customer wins since just 2013, meaningful services-related revenue already booked through 1H 2014, additional services-related sales reps recently hired and expectations of consummating additional near-term collaborative agreements, we think the services business is poised to show a rapidly steepening revenue curve. “

Shares of Protea Biosciences Group (NASDAQ:PRGB) remained flat at $0.60 during during mid-day trading trading on Wednesday. Protea Biosciences Group has a 52-week low of $0.57 and a 52-week high of $5.00. The stock’s 50-day moving average is $0.7 and its 200-day moving average is $1.26. The company’s market cap is $39.4 million.

Separately, analysts at Laidlaw initiated coverage on shares of Protea Biosciences Group in a research note on Tuesday, May 27th. They set a “buy” rating on the stock.

To view Zacks’ full report, visit Zacks’ official website.

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