Canaccord Genuity Reiterates Buy Following Nanosphere (NSPH) Q1 Results

Canaccord Genuity reiterate their Buy rating on Nanosphere (NASDAQ: NSPH), and raised the price target to $5.00 (from $1.50), following Q1 results. NSPH reported revenues of $4.6M, which matched Canaccord's estimate and beat the Street estimate of $4.4M. This comes after a (20-for-1) stock split on April 9th, which lowered the company's share count from ~117M to ~5.9M shares.

Canaccord Genuity analyst, Mark Massaro, commented on NSPH's quarter, saying, "NSPH delivered a good Q1, beating the Street on the top line on str
ength from its Gram Positive and Negative blood culture tests. The company also announced it has strengthened its balance sheet, and are making progress developing its next generation instrument platform. While NSPH has struggled significantly and continues to assess its strategic options, we think the deep-discounted valuation today suggests some upside to the stock. Our new PT goes to $5 (reflects a discounted 1.2x multiple to our 2016 revenue estimate, a significant discount to its peer group which trades between 3-8x) and reflects the company's 20-for-1 reverse stock split completed last month. Reiterate BUY."

For an analyst ratings summary and ratings history on Nanosphere click here. For more ratings news on Nanosphere click here.

Shares of Nanosphere closed at $4.07 yesterday.

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