Boston, MA 06/20/2014 (wallstreetpr) – Senomyx Inc. (NASDAQ:SNMX) had Thursday as one of its best days this week and all that was for a good reason. The company added another feather to its cap in that analysts at Craig Hallum initiated the coverage of the stock with a Buy recommendation and issued a price target of $16.50 per share, almost double the closing price of $8.35 per share on Wednesday.
Shares of Senomyx jumped 10.3 percent on Thursday, and the same happened on above average volume.
The Buy rating from Craig Hallum marked the latest bullish recommendation on the stock. About 10 days earlier, the stock received a Buy recommendation and a price target of $14 per share from Lake Street Captial. The Lake Street positive recommendation on the stock of Senomyx Inc. (NASDAQ:SNMX) followed yet another bullish sentiment from Needham where the stock was awarded a Buy recommendation and $16 per share price target.
The Story Behind The Story
The growing excitement in Senomyx Inc. (NASDAQ:SNMX) has its story. The company has become a darling of Wall Street because of its breakthrough taste enhancing technology that is promising to reenergize the beverage industry where sales have been under pressure as consumers become more conscious about what they consume, especially in drinks and foods.
The company develops sweetener products used in drinks and foods. Its latest product Sweetmyx is a sweetness enhancer that allows food manufacturers to reduce the amount of sugar in their products without hurting the taste. It has already entered into an exclusive arrangement with PepsiCo, Inc. (NYSE:PEP) for the use of Sweetmyx. The March 11, approval of the product by FDA helped shares of the company to pop 25 percent the following day.
Continuing Story
While the stock has had its fair share of the upward rally supported by the FDA approval, Senomyx Inc. (NASDAQ:SNMX) still shows enough room to trend upwards especially listening to what the top leadership of the company has to say. According to CEO John Poyhonen, the company will continue to develop more innovating products that enable the creation of foods and beverages with lower calories.
