Bacterin: William Blair Recommends Buying The Stock At These Levels


In a research report published yesterday, William Blair analyst Matthew O’Brien maintained an Outperform rating on Bacterin International Holdings (BONE), ahead of the company’s 2Q14 results. No price target was assigned.

O’Brien wrote, “This quarter represents particularly solid performance given the company’s ongoing salesforce reorganization initiatives. We believe that the new chief executive officer, Dan Goldberger, is making the right adjustments to sustainably expand the business over the longer term, although we believe that there is still work to be done”. The analyst continued, “There was no specific commentary in the press release regarding the ongoing salesforce adjustments, and while we are very pleased with the second-quarter results, we would not be surprised by a few speed bumps as the company makes these internal adjustments. Despite this, we believe that these initiatives are necessary to compete effectively over the longer term, and we anticipate a more meaningful contribution from new salesforce hires in the second half of this year as they get up to speed”.

O’Brien added, “While we do not anticipate a seamless salesforce reorganization effort, and there is still substantial competition and pricing pressure in the market, we believe that the salesforce adjustments should lead to consistent solid quarterly performance over the longer term, which should help investors regain confidence in the business. We continue to believe that Bacterin has developed a unique portfolio of products that make the asset worth more than its current market capitalization of roughly $36 million, which keeps us recommending the stock at these levels. Consequently, we believe patient investors should start or add to positions in the name, and we rate the stock Outperform”,

The analyst concluded, “We continue to believe that Bacterin has developed a unique portfolio of products that make the asset worth more than its current market capitalization of roughly $36 million, which keeps us recommending the stock at these levels. Consequently, we believe patient investors should start or add to positions in the name, and we rate the stock Outperform.

According to TipRanks.com, which measures analysts and bloggers success rate based on how their calls perform, analyst Matthew O’Brien has a -10.5% average return and a 0% success rate. O’Brien is ranked #2750 out of 3207 analysts.

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