In a recently released analyst research report, H.C. Wainwright‘s Senior Technology Analyst, Amit Dayal, maintained a buy rating on shares of Marrone Bio Innovations Inc. (NASDAQ:MBII) (FRA:0MB) with a price target that suggests some noteworthy upside to come.
This analyst update comes just after Marrone Bio reported its financial results for the first quarter ended March 31st, 2019, which showed that revenues in the first quarter of 2019 improved by roughly 102% to $8.7 million, compared with $4.3 million in the first quarter of 2018.
Amit Dayal’s MBII price target of $2.50 USD per share implies a potential upside of approximately 54.32% based on the last traded price of $1.62 USD per share on the NASDAQ.
According to Amit Dayal, “We expect gross margins for the company to fluctuate between 45-55% levels depending on product mix, with improvements coming from continuing efforts to optimize in-house production. Marrone Bio’s operating expenses were $8.6M during the quarter, compared to $7.6M in the year ago quarter as a result of increased sales and marketing efforts. The company generated a net loss of $3.9M or ($0.04) per share in 1Q19 compared to a net loss of $2.9M or $(0.04) per share in 1Q18. The company ended the year with approximately $15.1M in cash (of which $1.6M is restricted).”
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