Zacks Investment Research upgraded shares of iCo Therapeutics Inc. (ICOTF) from N/A to OUTPERFORM on February 25, 2014, with a target price of $0.90.
We are initiating Coverage of iCo Therapeutics Inc. with an Outperform rating and $0.90 price target. Sum-of-parts modeling calculates that iCo Therapeutics shares are meaningful undervalued at today's market value of only $30 million on a basic share count basis. We find this bafflingly low. Our analysis finds that the shares should be valued more in the $100-105 million range, or around $0.90 per share on a fully-diluted basis based on a 50% probability of success of the iDEAL trial. This represents tremendous upside to investors at today's price of only $0.38 per share.
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