NEW YORK, March 14 (GenomeWeb News) - Shares in Accelrys were up 6 percent, or $.30, at $5.30 in mid-afternoon trading after a securities analyst began covering the company today and gave the stock a 'Buy' rating.
"We believe Accelrys is a sound nanotechnology play," Braswell said in a statement today. "With $59.1 million in gross cash and no long-term debt, Accelrys has arguably the cleanest balance sheet among our coverage universe of companies in the nanotech space.
"The company also has a large, stable base of blue chip customers in the pharmaceutical and materials industries," Braswell added.
J. Andrew Braswell, an analyst with Newbridge Securities, said he expects the stock to reach $9 in 12 months. He said that shares in Accelrys are "currently undervalued, in our opinion."