HC Wainwright Initiates Coverage On BioceptHC Wainwright & Co. announced today that it has begun coverage on Biocept; rating the stock a buy and insinuating incredible upside potential. Analyst Yi Chen analyzed the stock; offering a target price of $4; insinuating nearly a 100% upside potential. Chen pointed out that the liquid biopsies are “less invasive and less expensive” than traditional biopsies. The analyst also highlighted the fact that BIOC is working on launching testing for additional biomarkers; which could lead to a heavier profit potential. Here's what Chen had to say about BIOC...
“Since Biocept has recently launched multiple tests targeting multiple cancer sites, we expect sales from commercial cases to continue to ramp up quickly...”
The analyst also stated that Biocept currently has the “most advanced technoloy” and can offer the “most test in terms of cancer sites and biomarkers”.
How The Market Reacted To The News
As mentioned above, BIOC is having an incredible day in the market today. The bottom line is that investors are excited that the stock is not only being covered, but getting the positive light it deserves. Currently (1:47), BIOC is trading at $2.14 per share after a gain of 9.23% so far today.
What Can We Expect To See Moving Forward
Moving forward, I have an overwhelmingly positive view of what we can expect from BIOC. That is, after tomorrows declines. First and foremost, it's important to remember that price movements in the market happen through a series of overreactions. Excited investors are pushing the stock higher than it should be going today. So tomorrow, we can expect a correction that will bring the stock down to a more sustainable rate before growth continues. So, tomorrow is likely to present strong buying opportunities.
However, after tomorrow, I'm expecting to see BIOC start moving at a more steady pace upward; and for the uptrend to continue for the long term. The bottom line is that Biocept is an incredible company that has been releasing test after test; each one will likely prove to be profitable. So, in my opinion, there's no reason not to have a bullish outlook on the stock.
What Do You Think?
Where do you think BIOC is headed moving forward and why? Let us know in the comments below!