In a research report issued today, Oppenheimer analyst Rohit Vanjani maintained an Outperform rating on OvaScience Inc (NASDAQ:OVAS) with a price target of $60, after the company reported first-quarter financial results provided a corporate update. With OvaScience shares last trading at $26.93, Vanjani’s price target implies potential upside of about 122 percent.
Vanjani wrote, “Post the 1Q15 results, we note that there could be some confusion on the reported revenues and the delay in revenue recognition. Management has explained that recognition issue before, and we believe the more important metric to focus on is the targeted number of AUGMENT cycles. OvaScience maintained its guidance for 1,000 cycles in 2015, which we view as positive. We believe that the next significant catalyst for the shares could come in June when additional clinician experience data may be presented at the ESHRE conference in Portugal.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Rohit Vanjani has a total average return of 35.7% and a 73.7% success rate. Vanjani has a -6.4% average return when recommending OVAS, and is ranked #25 out of 3599 analysts.