Rosetta Genomics, Ltd. (NASDAQ: ROSG) has had a stellar week so far, and things are looking even better for what had been a battered microRNA-based molecular diagnostic test-maker. Dow Jones reported that a research firm called Aegis Capital has initiated coverage of Rosetta Genomics with a "Buy" rating. Here is where the real interest may get stoked: the research firm's price target objective is set up at $16.00 per share, supposedly as one of the most overlooked names in the molecular diagnostic group.
Shares rose on Monday from about $4.00 to just over $5.00 by Tuesday and the closing bell on Wednesday was $4.73. It is also worth noting that Rosetta just raised $27.5 million in gross proceeds earlier this month when it sold 5.5 million shares at $5.00 per share to fund its operations and for other general corporate purposes.
The report today is significant even if we haven't ever heard of Aegis Capital. The stock was battered and is way down from highs as the 52-week range is $1.40 to $26.70. If you use the analyst target compared to yesterday's close of $4.73, then the firm is projecting upside of well over 200%. No wonder this is one of the leaderboard stocks so far with a 14% gain to $5.35 in active pre-market volume.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Analyst Calls, Biotech Tagged: ROSG