UPDATE: Feltl and Company Downgrades Echo Therapeutics to Buy, Lowers PT

In a report published earlier today, Feltl and Company, Inc. downgraded its rating for Echo Therapeutics, Inc. ECTE from Strong Buy to Buy, along with lowering its price target from $6.50 to $2.35. Feltl and Company went on to say “Echo is a development stage company with two potentially large products in its pipeline. Echo's Prelude device permeates the skin, enabling small-molecule drug delivery and analyte measurement. Their Symphony transdermal continuous glucose monitor (tCGM) system monitors glucose and has applications for diabetics and critical care. We believe that Echo will be able to successfully commercialize the Symphony in Europe in early 2013 and in the US in late 2013.” Echo Therapeutics, Inc. closed yesterday at $1.85.