UPDATE: Aegis Capital Reiterates Buy Rating, Lowers PT on Venaxis Following Recent Dilution

In a report published Monday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating on

, but lowered the price target $6.00 to $3.50. In the report, Aegis Capital noted, “We are reducing our price target on Venaxis, Inc. due to the dilution that occurred in the wake of the firm's most recently-completed financing. While we would recommend that investors take note of the upcoming catalysts for the stock, which include reporting pivotal results for the APPY1 test and potentially filing for approval of this product early next year, we believe that a re-evaluation of our valuation projections was necessary following the most recent financing. Accordingly, we reiterate our Buy rating and lower our 12-month price target from $6.00 to $3.50 per share.” Venaxis closed on Friday at $1.43.