Maxim Group Reiterates “Buy” Rating for Cytosorbents Corporation (CTSO)
Cytosorbents Corporation (NASDAQ:CTSO)‘s stock had its “buy” rating reissued by analysts at Maxim Group in a research note issued to investors on Friday. They presently have a $12.00 price target on the medical research company’s stock. Maxim Group’s price target suggests a potential upside of 92.00% from the stock’s previous close.
The analysts wrote, “CytoSorbents reported 3Q17 with revenue of $3.8M ($3.4M in product sales and $375K in grant income) and spent $5.9M in the quarter for a net loss of $2M. CytoSorb sales continue to rise with 11% sequential growth (61% YoY). The increase in product revenue was driven by an increase in direct sales to both new customers and repeat orders from existing customers, as well as increased sales to distributers. The company did not provide guidance, but reiterated it expects 2H17 sales to exceed 1H17. CytoSorbents ended the period with $15.4M in cash.””
A number of other research firms have also weighed in on CTSO. ValuEngine lowered Cytosorbents Corporation from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. HC Wainwright reiterated a “buy” rating and issued a $13.00 price target on shares of Cytosorbents Corporation in a research report on Tuesday, September 26th. Aegis reiterated a “buy” rating and issued a $9.00 price target on shares of Cytosorbents Corporation in a research report on Tuesday, July 25th. Finally, B. Riley reiterated a “buy” rating and issued a $11.25 price target on shares of Cytosorbents Corporation in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $10.45.
Cytosorbents Corporation (CTSO) opened at $6.25 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 3.03 and a current ratio of 3.17. Cytosorbents Corporation has a 1 year low of $3.30 and a 1 year high of $6.70.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Skylands Capital LLC boosted its position in Cytosorbents Corporation by 87.7% during the 2nd quarter. Skylands Capital LLC now owns 594,250 shares of the medical research company’s stock worth $2,555,000 after acquiring an additional 277,650 shares during the period. Fortaleza Asset Management Inc. boosted its position in Cytosorbents Corporation by 81.6% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 23,375 shares of the medical research company’s stock worth $145,000 after acquiring an additional 10,500 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Cytosorbents Corporation by 145.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 38,000 shares of the medical research company’s stock worth $163,000 after acquiring an additional 22,500 shares during the period. Hedge funds and other institutional investors own 6.56% of the company’s stock.
Cytosorbents Corporation Company Profile
CytoSorbents Corporation is a critical care focused immunotherapy company. The Company is engaged in commercializing its product, CytoSorb, which is a blood purification technology with focus in preventing or treating multiple organ failure. The Company’s purification technologies are based on biocompatible, porous polymer beads that remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption.
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