Canaccord Genuity Reiterates a 'Buy' on Solta Medical (SLTM); Follow-on Gives Push to MRX Milestone

Canaccord Genuity reiterates a 'Buy' on Solta Medical (NASDAQ: SLTM) price target of $6.00.

Analyst, William J. Plovanic, said, "We reiterate our rating following the follow-on offering. Solta will have issued 6.6M shares of common stock (including the shoe), with net proceeds of approximately $16.1M, raising the total cash on hand balance to ~$32M post the offering. At this point we believe Solta has enough capital to comfortably make its first milestone payment to Medicis (NYSE: MRX) in February 2013."

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

Shares of Solta Medical closed at $2.76 yesterday.

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