Zacks Investment Research upgraded shares of VolitionRx Ltd (VNRX) from N/A to OUTPERFORM on May 08, 2013, with a target price of $7.25.
VolitionRx is focused on the development of blood-based cancer detection tests using their NuQ technology which aims to marry high accuracy and reliability typically only achieved with invasive and costly diagnostic methods with the convenience, low-cost and non-invasive nature characteristic of many of the current cancer screening tests. The tests address potentially multi-billion $ markets. Initial clinical data, released in 2012, was very encouraging and showed impressive sensitivity/specificity. Larger studies have since been initiated. Data from ongoing studies is expected to be submitted for publication within the next few months, the release of which should provide further insight into the performance of the technology. Tests are now for sale for RUO. CE Mark for sale to the clinical market in Europe is anticipated in 2014 which should help fund the U.S. development program. Despite risks such as that VNRX will need to raise significant capital before they reach cash flow positive, we think the shares are very attractive at the current market price. Our DCF model values the stock at about $7.25/share. We are initiating at Outperform.
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