UPDATE: Dawson James Securities Raises PT on VirtualScopics Following 2013 Annual Meeting

In a report published Monday, Dawson James Securities analyst Robert M. Wasserman reiterated a Buy rating on

, and raised the price target from $1.75 to $8.75. In the report, Dawson James Securities noted, “VirtualScopics held their 2013 Annual Meeting and reported financial results for their second quarter earlier this month quarter, including revenues of $3.7 million, an increase of 11% year-over-year, and net income of $134,000 or breakeven, as compared with a loss of ($63,000), also breakeven, in the prior year period. Results in Q2/2013 were boosted by a single accelerated Phase 3 oncology project of approximately $1.0 million in revenues completed within the quarter. Overall, the Company performed work on 90 different projects in the quarter, down slightly from 96 projects in the year earlier period. Gross margins improved to 48% in Q2/2013 from 40% in Q2/2012, due in large part to the extensive Phase 3 project.” VirtualScopics closed on Friday at $4.72.