UPDATE: Ascendiant Capital Markets Reiterates Buy Rating, Lowers PT on StemCells

In a report published Monday, Ascendiant Capital Markets reiterated its Buy rating on StemCells

, but slightly lowered its price target from $2.60 to $2.25. Ascendiant Capital noted, “The Company ended the quarter with cash of $22 MM. Thus far in Q4, they have raised an additional $5.6 MM in cash from the exercise of warrants and sale of additional shares via their ATM facility. We are decreasing our Q4 2012 GAAP EPS, and 2013 GAAP EPS estimate, to reflect the higher number of shares outstanding. For Q4, our EPS estimate is lowered by $0.03 to ($0.15), and for 2013, our EPS estimate is decreased by $0.11 to ($0.58).” StemCells closed on Friday at $1.76.