ORLANDO, Fla., Jan. 31, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced that it has issued a third quarter 2007 research update on Pressure BioSciences, Inc. (Nasdaq:PBIO), a life sciences company focusing exclusively on the development and commercialization of pressure cycling technology (PCT), which has multiple applications, including genomic and proteomic sample preparation, pathogen inactivation, the control of chemical reactions (particularly enzymes), immunodiagnostics, protein purification, and food safety.
Suman Preet Kaur, MBS, RedChip Research Analyst wrote in the report:
"For its Q3 2007 ended September 30, 2007, PBIO reported total revenue of $138,000, a nearly 50% year-over-year growth even as revenue was down 35% sequentially. The year-over-year revenue growth was due to an increase in the number of PCT instrument sales to eight compared to three instrument sales in Q3 2006."
"We maintain our Speculative Buy rating on PBIO stock and raise our 12-month price target to $10 per share from our earlier target of $7 given the Company's superior technology and our belief that sales will accelerate in FY 2008. We continue to believe that PBIO's current market price of $4.71 and a book value of $3.29 per share do not adequately reflect the inherent value of the Company. As the number of unit sales continues to grow and the potential applications expand, we believe the market will begin to recognize the profit potential inherent in the Company. When looking at the comps for companies in the space of providing diagnostic tools and supplies, we think our price target is reasonable based on 6.35x P/S multiple our estimate of FY 2008 per share revenue of $1.58," Ms. Kaur continued in the report.
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Disclosure
The analysts contributing to this report do not hold any shares of PBIO. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and is not purported to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. Pressure BioSciences, Inc. paid RedChip Visibility $28,000 for the RedChip Visibility Research Program, which includes this equity research report.