Cantor Fitzgerald Reiterates Overweight Rating on Prenetics (PRE)

Cantor Fitzgerald analyst Ross Osborn reiterated an Overweight rating and $14.00 price target on Prenetics (NASDAQ: PRE).

The analyst commented, “On 6/18, Prenetics (PRE, OW) announced the divestiture of the company's ACT Genomics business to Delta Electronics (TWSE: 2308) in an all-cash transaction valued at up to ~$71.8 million. Following the closing of the transaction, PRE will receive ~$46 million in gross proceeds. Additionally, PRE announced the purchase of 187.42 Bitcoin for a total of $20 million, at an average price of ~$106.7k per coin, and plans to substantially grow its holdings over time. Concurrently, PRE appointed Andy Cheung, former COO of OKEx, to its Board of Directors to provide strategic oversight of PRE's digital asset strategy. PRE will also begin accepting cryptocurrency payments across the company's direct-to-consumer platforms, including IM8 and CircleDNA. Following both announcements, PRE's pro-forma cash reserves will total ~$66 million.”

For an analyst ratings summary and ratings history on Prenetics click here. For more ratings news on Prenetics click here.

Shares of Prenetics closed at $8.96 yesterday.

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