Maxim Group analyst Jason McCarthy maintained a Buy rating on Cytosorbents Corp (CTSO) today and set a price target of $14. The company’s shares opened today at $6.60, close to its 52-week low of $6.37.
McCarthy wrote:
“CytoSorbents reported 1Q19 with $4.6M in product sales, down 16% from $5.5M in 4Q18 and up 3% from $4.4M y/y. The company reported a net loss of ($4.8M) and $19.6M in cash. The miss on revenues may be due to factors impacting distributor sales and weakness in the Euro. While growth is expected to return in 2Q19, with Cytosobents expecting a record quarter, we lowered revenue estimates for 2019 to $23.7M, from $28.8M. Combined with other minor changes, we lower our price target to $14, from $18.”
According to TipRanks.com, McCarthy has 0 stars on 0-5 star ranking scale with an average return of -10.7% and a 28.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.
Cytosorbents Corp has an analyst consensus of Strong Buy, with a price target consensus of $15.50, implying a 134.8% upside from current levels. In a report released today, B.Riley FBR also maintained a Buy rating on the stock with a $13.50 price target.
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Based on Cytosorbents Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.4 million. In comparison, last year the company had a GAAP net loss of $2.98 million.
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CytoSorbents Corp. engages in the research and development of blood purification technology for the reduction of deadly uncontrolled inflammation in hospitalized patients. Its product include CytoSorb, ContrastSorb, HemoDefend, VetResQ, and DrugSorb. The company was founded by Joseph Rubin on April 25, 2002 and is headquartered in Monmouth Junction, NJ.
