Zacks Investment Research downgraded shares of Corgenix Medical (CONX) from OUTPERFORM to NEUTRAL on August 29, 2014, with a target price of $0.27.
This morning (8/28/2014) Corgenix announced that their board of directors unanimously approved for the company to be acquired $0.27/share (~$16 million) by Orgentec Diagnostika, a privately-held specialty diagnostics company based in Mainz, Germany. The stock closed at $0.34 on 8/27/14, up 162% since our 10/19/2011 initiation on CONX (at $0.13/share). As we expect this announcement will keep the trading in a tight range around $0.27/share, we are moving our price target to $0.27 and our recommendation to Neutral.
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