Maxim Group analyst Anthony Vendetti maintained a Buy rating on Applied DNA Sciences (NASDAQ: APDN) today and set a price target of $3. The company’s shares closed yesterday at $1.18, close to its 52-week low of $1.10.
Vendetti commented:
“Market close, APDN reported F3Q18 (June) revenue and GAAP EPS well below our estimates, largely due to delayed revenue recognition of a cotton contract. The decrease in product revenue was partially offset by a large increase in service revenues, mainly attributable to increased feasibility contracts for cannabis, synthetic fibers, and pharmaceuticals. We are reducing our price target to $3, from $5, and lowering our revenue and GAAP EPS estimates, but maintaining our confidence as the company’s focus shifts towards pharmaceutical and cannabis customers.”
According to TipRanks.com, Vendetti is a 4-star analyst with an average return of 8.4% and a 53.3% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Xtant Medical Holdings.
Currently, the analyst consensus on Applied DNA Sciences is a Moderate Buy with an average price target of $3.
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The company has a one-year high of $3.45 and a one-year low of $1.10. Currently, Applied DNA Sciences has an average volume of 51.1K.
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Applied DNA Sciences, Inc. engages in the security solutions. It provides biotechnology-driven solutions to help protect products, brands, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion.
