Canaccord Keeps Positive Outlook On Nanosphere As It Explores Strategic Alternatives
In a research note published Monday, Canaccord analyst Mark Massaro reiterated a Buy rating on Nanosphere (NASDAQ:NSPH) with a $3 price target, in light of the news that NSPH was pursuing an investment bank to explore strategic alternatives.
Massaro wrote that this move by Nanosphere, “Comes as no surprise to us given recent performance and our recent dialogue with management. We continue to think that all options are on the table; however, no obvious buyer comes to mind. We reiterate our BUY rating and $3.00 PT as we believe the company’s assets can fetch $3.00/share or higher.” Massaro added, “We expect NSPH’s Board will consider a multitude of options, which could include a management team overhaul; sale to another corporate or private equity; secondary offering; or a leveraged buyback, to name a few.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mark Massaro has a total average return of -12.2% and a 42.9% success rate. Massaro has a -66.2% average return when recommending NSPH, and is ranked #3083 out of 3273 analysts.