Market Overview

UPDATE: LifeTech Capital Downgrades Echo Therapeutics Following Capital Raise

Share:

In a report published Monday, LifeTech Capital analyst Stephen M. Dunn downgraded the rating on Echo Therapeutics (NASDAQ: ECTE) from Strong Speculative Buy to Neutral, and removed the $3.75 price target.

In the report, LifeTech Capital noted, “Echo announced a $12M capital raise at $2.70 ($0.27 pre-split) continuing management's track records of funding missteps resulting in their third consecutive down round in six months ($0.95 Dec., $0.75 Feb., $0.27 June). As can be seen in the graph, despite significant technical and clinical progress for Echo's Symphony® tCGM system, their shares have lost 85% of their value over the past 12 months with a 75% loss in just the past 6 months.”

Echo Therapeutics closed on Friday at $2.78.

Latest Ratings for ECTE

DateFirmActionFromTo
Nov 2013MaintainsBuy
Jun 2013DowngradesStrong BuyNeutral
Apr 2013TerminatesHold

View More Analyst Ratings for ECTE
View the Latest Analyst Ratings

Posted-In: LifeTech Capital Stephen M. DunnAnalyst Color Downgrades Analyst Ratings

 

Related Articles (ECTE)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
WENMorgan StanleyMaintains22.0
JAZZBernsteinReinstates150.0
XGNCantor FitzgeraldInitiates Coverage On18.0
LOOPRoth CapitalInitiates Coverage On14.0
SNABairdMaintains165.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

New Data on Edwards PERIMOUNT Valves Demonstrate Long-Term Durability in Patients Aged 60 and Younger

UPDATE: Cantor Fitzgerald Initiates Ur-Energy at Buy as Transition Begins