RedChip analyst, Joe Blanksenship, MBA, awarded Pressure BioSciences a $7.00 price target and rated their stock a “Speculative Buy” following the company’s Q2 2007 report. In the research report, the analyst stated, “Pressure Biosciences, Inc. continues on its path to commercialization with its pressure cycling technology (“PCT”) used in sample preparation across a broad range of life-sciences applications.”
The Company reported the sale of four Barocycler NEP3229 PCT Sample Preparation Systems compared to the one sold in the same period last year. $202,127 was announced as the total revenue for the quarter, which is approximately 7x the amount from Q2 2006. $65,772 was recorded as grant revenue, while no grant revenue was recorded in the same quarter last year.
Pressure BioSciences’ balance sheet also improved as the company reported $6.8 million in cash and equivalents, a significant rise from the $5.3 million reported December of 2006. The sale of remaining stock held in Panacos Pharmaceuticals and the remaining divestiture of Source Scientific, LLC resulted in the receipt of about $3.0 million in cash.
In the conclusion of their report Joe Blanksenship, MBA stated, “The Red Chip Initial Report on PBIO was issued on March 12, 2007 with a SPECULATIVE BUY rating and 12-month price target of $6.40 per share. We continue to think that the current market price of the stock at $4.11, and a book value of $3.77 per share, does not adequately value the technology within the company. As the number of unit sales continues to grow and the potential applications expand, we believe that the market will begin to recognize the profit potential inherent in this Company. We are maintaining our twelve-month price target at $7.00 per share”
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