UPDATE: LifeTech Capital Downgrades Echo Therapeutics Following Capital Raise

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In a report published Monday, LifeTech Capital analyst Stephen M. Dunn downgraded the rating on Echo Therapeutics 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.

Posted In: Analyst ColorDowngradesAnalyst RatingsLifeTech CapitalStephen M. Dunn
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