Aastrom Biosciences (NASDAQ:ASTM)‘s stock had its “outperform” rating reaffirmed by stock analysts at JMP Securities in a report issued on Friday, American Banking News reports. They currently have a $2.00 price objective on the stock, down from their previous price objective of $3.00.
The analysts wrote, “Progress continuing with enrollment in Phase 2b DCM trial; reiterate Market Outperform rating while lowering our price target from $3 to $2 on Aastrom Biosciences to reflect recent equity dilution. Aastrom reported a 2Q13 EPS loss of ($0.11), below our estimate and ahead of consensus. The company ended the quarter with cash of ~$4.5MM, and subsequently raised net proceeds of $8.7MM in an equity financing, which together management anticipates will be sufficient to fund operations through 2Q14. Enrollment is progressing in the Phase 2b (ixCELL-DCM) trial investigating ixmyelocel-T in subjects with dilated cardiomyopathy (DCM). Completion of enrollment is on track for 1Q14, with top-line results anticipated in 2Q15. Additionally, the company also expects to have data from 40 patients from the Phase 3 (REVIVE-CLI) trial in critical limb ischemia (CLI) in 2Q14. Our $2 price target is derived through 5x ixmyelocel-T sales of $468MM in 2020, discounted by 35% per year.”
Shares of Aastrom Biosciences (NASDAQ:ASTM) traded up 2.27% during mid-day trading on Friday, hitting $0.3069. 1,064,940 shares of the company’s stock traded hands. Aastrom Biosciences has a 52 week low of $0.27 and a 52 week high of $1.85. The stock’s 50-day moving average is $0.41 and its 200-day moving average is $0.59. The company’s market cap is $14.0 million.
Separately, analysts at Thomson Reuters/Verus downgraded shares of Aastrom Biosciences from a “buy” rating to a “sell” rating in a research note to investors on Monday.
One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $1.15.
Aastrom Biosciences, Inc (NASDAQ:ASTM) is a development stage company.
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