Maxim Group Thinks Proteon’s Stock is Going to Recover

By Austin Angelo

In a report released today, Jason McCarthy from Maxim Group reiterated a Buy rating on Proteon (NASDAQ: PRTO), with a price target of $6. The company’s shares opened today at $1.75, close to its 52-week low of $1.40.

McCarthy commented:

“Proteon reported YE16 with a net loss of $28.5M and ended the year with $41M in cash on the balance sheet.”

According to TipRanks.com, McCarthy is ranked 0 out of 5 stars with an average return of -10.5% and a 36.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as ImmunoCellular Therapeutics, Mateon Therapeutics Inc, and Stellar Biotechnologies.

Proteon has an analyst consensus of Moderate Buy.

The company has a one year high of $11.63 and a one year low of $1.40. Currently, Proteon has an average volume of 158.3K.

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Proteon Therapeutics, Inc. is a biopharmaceutical company, which focuses on development of pharmaceuticals to address the needs of patients with kidney and vascular disease. It offers PRT-201, a recombinant human elastase that fragments elastin fibers in blood vessel walls. The company was founded by F. Nicholas Franano and William P. Whitaker in 2001 and is headquartered in Waltham, MA.