Cytosorbents Corp Received its Third Buy in a Row


After H.C. Wainwright and B.Riley FBR gave Cytosorbents Corp (NASDAQ: CTSO) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jason McCarthy maintained a Buy rating on Cytosorbents Corp today and set a price target of $13. The company’s shares opened today at $8.10, close to its 52-week high of $8.35.

McCarthy commented:

“CytoSorb has received EU approval to expand use to remove elevated bilirubin and myoglobin from blood. The label expansion increases the addressable market for CytoSorb to patients with liver disease and liver failure as well as traumatic injury. CytoSorb recently passed its 23 rd consecutive quarter of revenue growth. We expect this trend to continue, as well as valuation to continue to rise as revenues grow and more approvals for large addressable populations are gained. We increase outyear estimates for CytoSorb and raise our price target to $13, from $12.”

According to TipRanks.com, McCarthy is a 3-star analyst with an average return of 2.4% and a 40.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

Currently, the analyst consensus on Cytosorbents Corp is Strong Buy and the average price target is $12, representing a 48.1% upside.

In a report issued on May 9, B.Riley FBR also maintained a Buy rating on the stock with a $13 price target.

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Based on Cytosorbents Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.98 million. In comparison, last year the company had a GAAP net loss of $1.38 million.

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CytoSorbents Corp. engages in the development blood purification technology for the reduction of deadly uncontrolled inflammation in hospitalized patients. Its product, CytoSorb, is a extracorporeal cytokine filter and seeks to reduce cytokine storm that could otherwise cause massive inflammation, organ failure, and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. The company was founded by Joseph Rubin on April 25, 2002 and is headquartered in Monmouth Junction, NJ.

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