Nanosphere Rallying After Jefferies Upgrade

Nanosphere

is trading higher on the session after a positive research report by Jefferies. In the report, Jefferies upgrades Nanosphere from Hold to Buy and raises the price target from $2 to $5. Jefferies states, "We are upgrading NSPH to Buy (from Hold) on expectations for its recently FDA approved gram-positive blood stream infection test to drive a significant acceleration in new system placements & revenue. We are raising our 2012 & 2013 revenue forecasts to $9.5M (from $9M) and $28M (from $20M), respectively. Our PT moves to $5 (from $2) on higher cash flow forecasts." Nanosphere is currently trading at $3.22, a gain of $0.70 or 27.78%.