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.
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