UPDATE: Ascendiant Capital Lowers PT on Biolase on Good Market Position

In a report published Wednesday, Ascendiant Capital analyst Keay Nakae reiterated a Buy rating on Biolase (NASDAQ: BIOL), but lowered the price target from $6.50 to $5.50.

In the report, Ascendiant Capital noted, “We continue to believe that Biolase is well positioned in the dental laser market. The stock has been quite volatile over the past several months, but is still up 92% since the beginning of the year. Although the recent inclusion of the stock into the 2013 versions of the Russell 3000 Index and the Russell Global Index did result in increased trading volume, it did not have a positive effect on price.”

Biolase closed on Tuesday at $3.57.