Rochester,NY 8/27/2009 10:08:29 PM
Cerus Corporation CERS, shares rose after Avondale Partners' upgrade
Cerus Corporation
Shares of Cerus Corp rose as much as 17 percent after Avondale Partners upgraded the blood-safety products maker to 'market outperform' from 'market perform,' citing wider product acceptance and regulatory advancements.
Cerus' Intercept blood system, for treating platelet and plasma components, is viewed by the American Association of Blood Banks (AABB) as an effective way to prevent the transmission of infectious diseases through transfusions, analyst Daniel Owczarski said, citing the lead author of AABB's monthly journal.
'This increased acknowledgment and focus on infectious agents in the blood supply should continue to accelerate adoption of Cerus' technology among blood banks,' Owczarski wrote in a note to clients.
The near-term catalysts for the company include continued adoption of Intercept overseas, a strategic partnership to advance clinical trials in the United States and data from its early-stage trial for treating red blood cells, he said.
The analyst also raised his price target on the stock to $5 from $2.Shares of the company touched a high of $2.40 before paring some gains to trade up 13 percent at $2.32 Wednesday on Nasdaq.
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