Aegis Capital Reiterates on Sinovac Biotech Following Solid 3Q 2013 Financial Results

In a report published Wednesday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating and $7.00 price target on

. In the report, Aegis Capital Corp. noted, “Yesterday after the market close, Sinovac Biotech announced its 3Q 2013 financial results. Total revenue was reported at $22.1mm, beating our projection of $18.0mm. Diluted earnings were $0.04 per share, higher than our original estimate of a loss of $0.02 per share. This is mainly due to higher sales of the influenza vaccine and a $3.6mm government stockpile purchase of H5N1 vaccine in 3Q 2013. Management indicated that 2013 total revenue would be roughly $70mm with positive earnings per share. We have adjusted our 2013 projections accordingly and our current annual revenue and diluted EPS estimates are $69.9mm and $0.02 respectively. Our 2014 projections remain the same. In the wake of this update, we reiterate our Buy rating and 12-month price target of $7.00 per share.” Sinovac Biotech closed on Tuesday at $5.89.