SNRS shorts? I doubt it.
Avalon Research Group Inc. Changes Sell/Sell Short Sunrise TechnologiesInternational Recommendation To Neutral
BOCA RATON, Fla., July 27 /PRNewswire/ -- The following is being issued by Avalon Research Group Inc., a member of the National Association of Securities Dealers, CRD number 39815:
Avalon Research Group Inc., an institutional research firm and registered broker/dealer changes its sell/sell short opinion for Sunrise Technologies International, Inc. (Nasdaq: SNRS) to neutral. In a research update following the SNRS's unsuccessful appearance at the July 22, 1999 FDA Ophthalmic Devices Panel review, Avalon recommended that its investors cover their short sale positions. Avalon's target price of $4.00 was exceeded.
Avalon issued its original sell/sell short recommendation on June 10, 1999, when SNRS shares were trading at $12.38 and subsequently raised its rating to a strong sell/sell short on July 19, 1999, when SNRS shares were trading at $19.00.
Avalon based its sell/sell short recommendation due to various concerns over potential problems with the clinical data for SNRS' Hyperion (Holmium) Laser and the LTK procedure for Hyperopia submitted to the FDA. These concerns were borne out when a FDA Ophthalmic Devices Panel unanimously rejected SNRS' PMA on July 22, 1999.
Since the rejection SNRS' shares have plunged over 75% in value, resulting in achieving Avalon's price target and the subsequent rating change.
Avalon Research Group Inc. is an investment research boutique headquartered in Boca Raton, Florida. Avalon provides institutional investors unbiased, in-depth equity research. Avalon's proprietary "STEP" method discipline, overlaying a company's Story, Time, Earnings and Price Lines, focuses attention to the most salient information impacting that company. Avalon analysts apply the STEP discipline to both buy and sell recommendations. Prospective institutional investors wanting additional information on Avalon Research Group may visit its Web site, www.avalonresearch.com , or call 561-447-4044.
This press release and referenced reports are for informational purposes only and are not intended as an offer to sell or a solicitation to buy securities. Opinions expressed are subject to change without notice. Avalon makes a market in SNRS shares. Some or all of the recommended securities may be sold or bought by Avalon from customers on a principal basis. Avalon, or persons associated with it, may have positions or trade in the securities of the companies described herein and may without notice make further purchases or sales while this press release and referenced report are circulated.
SOURCE Avalon Research Group Inc.
CO: Avalon Research Group Inc.; Sunrise Technologies International, Inc.
ST: Florida
IN: FIN CPR
SU: RTG
07/27/99 11:17 EDT prnewswire.com |
