RPT-Vasogen shares rise on share, price-target rating
Tuesday March 16, 12:17 pm ET
(Figures in U.S. dollars unless noted)
TORONTO, March 16 (Reuters) - Shares of Vasogen Inc. (Toronto:VAS.TO - News; NasdaqNM:VSGN - News) leapt 12 percent on Tuesday after Needham & Co. Inc., which this month helped the biotech firm raise money, upped the rating on its shares and increased its price target.
Needham analyst Mark Monane raised his rating on Vasogen's stock to "strong buy" from "buy" and increased his price target to $12 from $9.
"In light of recent successful financing, Vasogen's financial risk decreases significantly," Monane wrote in a report.
"We believe Vasogen is undervalued compared with its peers in the cardiovascular space, given the company has a late-stage, unpartnered product, convincing Phase 2 results, and a strong internal management team."
Shares of Vasogen jumped as much as 10 percent to a high of C$8.20 in Toronto, before giving up 15 Canadian cents at around midday. On the Nasdaq, they surged 12 percent to $6.24, before edging back to $5.82.
In early March, Vasogen, with products in late stage clinical trials to treat heart failure, raised $57.7 million by offering 8.5 million shares. Needham & Co. and RBC Capital Markets led the offering.
Shares of Vasogen have soared more than 130 percent since 2003, sharply outperforming the Toronto Stock Exchange's (News - Websites) health care subindex, which has risen 20 percent in the same time. |
