UPDATE: Canaccord Genuity Upgrades Venaxis to Buy; FDA Approval on Track for 2014

Canaccord Genuity upgraded Venaxis

from Hold to Buy and raised the price target from $2.50 to $7.00. Canaccord Genuity noted, "In our opinion, Venaxis (formerly AspenBio Pharma) is on track for FDA approval of the first blood test aiding in identifying patients at low risk for appendicitis. … Venaxis recently began its pivotal trial (2,000 patients; 28 sites), and expects to complete the study by August-September 2013, with FDA submission in Q4/13. We estimate FDA approval sometime prior to mid-2014." Venaxis closed at $2.14 on Friday.