Zacks upgrades merged Cornerstone to buy
USA-based Cornerstone Therapeutics, which was formed last year in a merger between Cornerstone BioPharma and Critical Therapeutics (Marketletter May 19, 2008), has been upgraded to a buy by Zacks Investment Research, with a $7.00 per share price target, on the basis of solid full-year financial results.
The firm's 2008 net income was $9.0 million, or $0.14 per share, versus just $70,000, or $0.10 per share, in the year before. Turnover was $64.9 million vs $28.1 million, while R&D expenses rose to $3.8 million, compared to $948,000. As of December 31, 2008, the firm had $9.3 million in cash and cash equivalents, compared to $241,000 at the same point of the year before.
Based on its current operating plans, the company believes that existing cash and cash equivalents, revenues from product sales and borrowing availability are sufficient to fund the current level of operating expenses and capital expenditure requirements for the foreseeable future, according to Zacks analysts.
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