UPDATE: Jefferies Assumes Coverage on Nanosphere at Buy Awaiting Gram-Positive Ramp

In a report published Friday, Jefferies analyst Brandon Couillard assumed coverage on Nanosphere (NASDAQ: NSPH) with a Buy rating, and raised the price target from $3.50 to $5.50.

In the report, Jefferies noted, “Aided by its first mover-advantage status, we expect NSPH's proprietary gram-positive blood stream infection test to drive significant new system placements and revenue growth over the next several years. Assuming coverage at Buy / $5.50 price target.”

Nanosphere closed on Thursday at $3.88.