Dawson James Securities slashed its price target for Aditxt Therapeutics (NASDAQ:ADTX) to $1 from $6, but maintained a “buy” rating, noting that cash is tight and a capital raise is expected. The stock closed at 17 cents on Aug. 15.
Analyst Jason Kolbert writes that revenue remains nominal as the company “appears to have missed the Covid testing window.”
The company ended the second quarter with $800,000 in cash. “Based on a quick review of the company’s filings, it appears the company is involved in raising capital from certain accredited investors,” Mr Kolbert said.
In addition, Aditxt entered into an agreement to acquire a subsidiary of AiPharma Global, which develops antiviral therapies across a broad spectrum of infectious diseases, including rights to Avigan/Reeqonus/Qifenda and all formulations of favipiravir, a broad spectrum oral antiviral drug that targets COVID-19 and other infectious diseases.