AspenBio Pharma (NASDAQ:APPY) Needs More Visibility on Appendicitis Test

While it's probably a certainty that AspenBio Pharma (NASDAQ:APPY) would benefit from the introduction of a diagnostic test for appendicitis, says Canaccord Genuity, they are going to wait until there's more visibility than including it as an impact on the company.

Canaccord noted, "While we believe AspenBio Pharma could benefit from introducing the first diagnostic test for appendicitis into a large market opportunity, we await data from an internal validation study on the AppyScore rapid test...Our price target of $0.50 is based conservatively on an asset valuation until we get some visibility into the AppyScore validation studies and the animal health pilot study."

Canaccord Genuity reiterates a "Hold" rating on AspenBio Pharma, which closed Friday at $0.65, gaining $0.06, or 10.92 percent. Canaccord has a price target of $0.50 on the company.