"Helicos shares have declined over 40% year-to-date, as concerns over increased competition, unexpected management changes, a slow commercial roll-out, and a high 2008 cash burn forecast have outweighed the company's modest progress since the May 2007 IPO," analyst Derik De Bruin said in a note to clients.
De Bruin added that he still has "lingering concerns" regarding Helicos' ability to execute and, as a result, has lowered his revenue forecasts to $8 million from $22 million for 2008 and to $35 million from $80 million for 2009. He also revised his earnings estimates to a loss of $1.76 from a loss of $2.10 a share for 2008 and to a loss of $1.21 from a loss of 85 cents for 2009.
Analysts polled by Thomson Financial, on average, forecast a 2008 loss of $2.06 a share on revenue of $13.1 million, and a 2009 loss of 85 cents on revenue of $62.8 million.
UBS reduced its price target on the stock to $6.50 from $10.50 based on a discounted cash flow analysis.
Shares of the Cambridge, Mass.-based life sciences company closed Tuesday at $5.91. Casey Logan cl/vj
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