Company Update (NASDAQ:NBS): NeoStem Inc Announces Proposed Public Offering of Common Stock
NeoStem Inc (NASDAQ:NBS) announced that it is commencing an underwritten public offering of its common stock. The Company intends to use the net proceeds from this offering for working capital, including research and development of cell therapeutic product candidates, especially its lead immuno-oncology program, NBS20, expansion of business units, strategic transactions and other general corporate purposes. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. (Original Source)
Shares of Neostem closed today at $2.63, down $0.03 or 1.13%. NBS has a 1-year high of $7.23 and a 1-year low of $2.15. The stock’s 50-day moving average is $2.72 and its 200-day moving average is $3.48.
On the ratings front, Neostem has been the subject of a number of recent research reports. In a report issued on May 21, H.C. Wainwright analyst Yi Chen reiterated a Buy rating on NBS, with a price target of $6, which implies an upside of 128% from current levels. Separately, on April 30, Maxim Group’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Yi Chen and Jason Kolbert have a total average return of 6.8% and 1.8% respectively. Chen has a success rate of 66.7% and is ranked #1627 out of 3607 analysts, while Kolbert has a success rate of 44.1% and is ranked #1401.
Neostem Inc is a biopharmaceutical company that develops novel proprietary cell therapy products. It is engaged in the preservation & enhancement of human health through the development of cell based therapeutics that prevent, treat or cure disease.