UPDATE: Aegis Capital Initiates Navidea Biopharmaceuticals at Hold

Aegis Capital initiated coverage on Navidea Biopharmaceuticals

with a Hold rating and a $3.00 price target. Aegis Capital noted, "While we are relatively optimistic regarding Navidea's near-term ability to obtain regulatory approval for its most advanced product candidate, Lymphoseek, we remain cautious about the agent's commercial prospects. … We believe that Lymphoseek could be a successful product, with peak sales potential of $450mm in the U.S. alone and in excess of $700mm worldwide. However, in the absence of regulatory approval in the U.S., we would advise investors to wait watchfully." Navidea Biopharmaceuticals closed at $2.97 on Friday.