UPDATE: Ladenburg Thalmann Reduces PT on Bioanalytical Systems to $2.25

According to a research report this morning, Ladenburg Thalmann reduces its PT on Bioanalytical Systems

from $2.75 to $2.25 following disappointing Q2-2012. Ladenburg Thalmann stated, “The Company announced losing $1.86MM and $0.27 per share on revenue of $6.97MM as compared with our estimate (and consensus) of earning $480,000 and $0.07 per share on revenue of $8.88MM. The Company is planning to take a variety of steps over the next few months to reduce operating costs at the two main facilities in West Lafayette and Evansville IN which are expected to reduce operating expenses by approximately $2.5MM annually.” Bioanalytical Systems closed yesterday at $1.11 as Ladenburg Thalmann reiterates its Buy rating.