Nuvelo (NUVO) Surges On Upgrade
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Price: $0.17 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
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Shares of Nuvelo Inc. (Nasdaq: NUVO) are surging this morning (+22%), following an upgrade of the stock at UBS. The firm upgraded Nuvelo from Hold to Buy, with a $2.50 price target.
The firm upgraded Nuvelo on valuation and expected near-term catalysts.
The firm said, "Despite y’day’s +19% gain (albeit amidst a market rally), NUVO still seems oversold, now trading ~30% below cash/share & well below our PT. With upcoming near-term catalysts as well, we see room for additional upside."
The firm said despite setbacks in the development of alfimeprase, they believe their remains potential for the drug.
The firm upgraded Nuvelo on valuation and expected near-term catalysts.
The firm said, "Despite y’day’s +19% gain (albeit amidst a market rally), NUVO still seems oversold, now trading ~30% below cash/share & well below our PT. With upcoming near-term catalysts as well, we see room for additional upside."
The firm said despite setbacks in the development of alfimeprase, they believe their remains potential for the drug.
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