UPDATE: Canaccord Genuity Initiates Nanosphere at Buy Following FDA Approval

Canaccord Genuity initiated coverage on Nanosphere

with a Buy rating and a $5.00 price target. Canaccord Genuity noted, "We believe NSPH is poised to capture a meaningful stake of the $5B molecular diagnostics industry, as the company revamped its strategic approach a year ago to address blood stream infections. … NSPH obtained FDA approval of its Gram-Positive Blood Culture Nucleic Acid Test (BC-GP) in June 2012, becoming an early leader to rapidly detect sepsis, which kills ~200,000+ Americans annually and infects ~750,000 (NIH data).NSPH estimates the global BSI market opportunity at $260M." Nanosphere closed at $1.95 on Thursday.