Barrington Research Reiterates Kensey Nash Outperform, $33 PT
Barrington Research reiterated its Kensey Nash (NASDAQ: KNSY) Outperform rating and $33 price target in a research report published today.
In the report, Barrington Research stated, "In mid-December 2011, STJ unilaterally decided to reduce the royalty rate paid on Angio-Seal sales from 6% to 2%. KNSY, meanwhile, contended that the applicable royalty rate was actually 8%, and that STJ had underpaid the company by over $30 million dating back to 2007. Rather than fight a lengthy, and costly, legal battle, the companies agreed to enter into non-binding mediation to resolve their differences."
Shares of Kensey Nash closed today at $30.20, up 22.81% from Friday's market close.
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