Rodman & Renshaw Reiterates NeoStem Market Outperform, $3 PT

Rodman & Renshaw reiterated its NeoStem NBS Market Outperform and $3 price target in a research report published today. In the report, Rodman & Renshaw states, "According to our projections, NeoStem should have $16 MM in cash and cash equivalents when reporting 2Q11 results, with approximately 95 MM basic shares outstanding and 152 MM fully dilutive shares of outstanding. Together with an $18 MM equity line of credit, the cash position should be sufficient to fund operations through 1Q12." Shares of NeoStem were trading at $1.05 at the time of posting, down 0.94% from Tuesday's market close.