Developer of rapid health information technologies, Akers Biosciences, Inc. recently announced the closing of a public offering of 1.7 million common shares. This offering is likely to have generated gross proceeds of around $2.1 million for company.
Over the past one year, Akers Biosciences lost almost 1.57% in stark contrast to both the Zacks categorized Medical Products sub-industry’s positive return of 8.04% and the S&P 500’s gain of 20.96%.
However, we are optimistic about continued advancements in Akers Biosciences’ innovative product pipeline that includes hassle-free rapid test solutions. Also, a long-term expected earnings growth rate of 12.27% and projected sales growth of 11.85% instill some confidence in its investors.
Coming back to the common stock offering, the company issued 1.7 million shares at a price of $1.20 per share. It also issued 0.8 million five-year warrants to purchase common stock with an exercise price of $1.50. The funds raised from the issue will be used as working capital as well as to accelerate growth in the U.S. and in international markets. It would also be utilized to further develop new customers and launch new diagnostic products.
Akers Bio develops, manufactures and supplies rapid screening and testing products designed to deliver quicker and cost-effective healthcare information to consumers. We are impressed with Akers Biosciences’ innovative product pipeline that includes hassle-free rapid test solutions. The company’s efforts to ramp up PIFA Heparin sales in the U.S. and overseas through new distribution partnerships are also encouraging. We are also positive on sales in China (Novotek), meaningful contribution from the wellness platform and stringent cost control in all the key areas of business.
Zacks Rank & Key Picks
Akers Biosciences has a Zacks Rank #3 (Hold).
Better-ranked stocks in the broader medical sector include Glaukos Corporation (GKOS - Free Report) , Dextera Surgical Inc. and Penumbra Inc. (PEN - Free Report) . Notably, Glaukos Corporation and Penumbra sport a Zacks Rank #1 (Strong Buy) while Dextera carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Glaukos has a long-term expected earnings growth rate of approximately 25%. Notably, the stock registered an impressive one-year return of 109.14%.
Dextera Surgical posted a positive earnings surprise of 8.3% in the last reported quarter. Additionally, a long-term expected earnings growth rate of 25% raises investors’ confidence.
Penumbra has a long-term expected earnings growth rate of 20%. Notably, the stock registered a stellar one-year return of almost 32.9%.
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Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Developer of rapid health information technologies, Akers Biosciences, Inc. recently announced the closing of a public offering of 1.7 million common shares. This offering is likely to have generated gross proceeds of around $2.1 million for company.
Over the past one year, Akers Biosciences lost almost 1.57% in stark contrast to both the Zacks categorized Medical Products sub-industry’s positive return of 8.04% and the S&P 500’s gain of 20.96%.
However, we are optimistic about continued advancements in Akers Biosciences’ innovative product pipeline that includes hassle-free rapid test solutions. Also, a long-term expected earnings growth rate of 12.27% and projected sales growth of 11.85% instill some confidence in its investors.
Coming back to the common stock offering, the company issued 1.7 million shares at a price of $1.20 per share. It also issued 0.8 million five-year warrants to purchase common stock with an exercise price of $1.50. The funds raised from the issue will be used as working capital as well as to accelerate growth in the U.S. and in international markets. It would also be utilized to further develop new customers and launch new diagnostic products.
Akers Bio develops, manufactures and supplies rapid screening and testing products designed to deliver quicker and cost-effective healthcare information to consumers. We are impressed with Akers Biosciences’ innovative product pipeline that includes hassle-free rapid test solutions. The company’s efforts to ramp up PIFA Heparin sales in the U.S. and overseas through new distribution partnerships are also encouraging. We are also positive on sales in China (Novotek), meaningful contribution from the wellness platform and stringent cost control in all the key areas of business.
Zacks Rank & Key Picks
Akers Biosciences has a Zacks Rank #3 (Hold).
Better-ranked stocks in the broader medical sector include Glaukos Corporation (GKOS - Free Report) , Dextera Surgical Inc. and Penumbra Inc. (PEN - Free Report) . Notably, Glaukos Corporation and Penumbra sport a Zacks Rank #1 (Strong Buy) while Dextera carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Glaukos has a long-term expected earnings growth rate of approximately 25%. Notably, the stock registered an impressive one-year return of 109.14%.
Dextera Surgical posted a positive earnings surprise of 8.3% in the last reported quarter. Additionally, a long-term expected earnings growth rate of 25% raises investors’ confidence.
Penumbra has a long-term expected earnings growth rate of 20%. Notably, the stock registered a stellar one-year return of almost 32.9%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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