(Reuters) - Cerus Corp’s (CERS.O) shares rose as much as 16 percent on Wednesday after the blood safety products maker posted strong fourth-quarter revenues.
For the fourth-quarter, the Concord, California-based company’s revenue rose 61 percent to $10.4 million, compared with analysts’ expectations of $8.2 million in sales.
Cerus, whose product revenues grew 66 percent to $9.9 million in the quarter, is working to gain marketing approval for its Intercept kits in the United States, Baird analyst Christopher Raymond said in a note to clients.
“After a strong fourth-quarter revenue beat...CERS may be turning the corner toward sustainable momentum on numerous fronts,” he said, upgrading the stock to “outperform.”
Shares of the company were trading up 10 percent at $3.89 in early trade on the Nasdaq.
Reporting by Balaji Sridharan in Bangalore; Editing by Sreejiraj Eluvangal