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eResearch at $17; Gets Analyst Reiteration, Though Still Lacks Coverage

eResearch Technology Inc. (ERES) is up $1.22, or 7.73%, to $17 in heavy afternoon trading, marking its highest level since early 2006. Friedman Billings reiterated an “outperform” rating on the stock and upped the firm’s price target to $19.50. It’s probably not a coincidence that eResearch’s CEO and CFO just recently presented at the FBR 12th Annual Spring Investor Conference on May 28. The small cap cardiac safety company with a market cap of just $863 million rarely gets much attention so this is a big deal - there were only three analysts on the latest conference call; FBR, Leerink Swann and Sidoti & Company, thus any positive commentary is a plus. Still lacking exposure, a major brokerage firm starting coverage would be extremely bullish and do a great deal in increasing the visibility of this under the radar stock.

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