Cantor downgrades Adma Biologics on lack of clarity post short report

Cantor Fitzgerald analyst Kristen Kluska last night downgraded Adma Biologics (ADMA) to Neutral from Overweight without a price target The firm spoke with several investors after a short report claimed the company is boosting Asceniv revenues through channel stuffing. Investors are disappointed in Adma’s response and the lack of direct communication post the report, contends Cantor. “While the company did put out a statement, we were hoping to have more specific feedback addressing the direct claims in the report,” the firm adds. The analyst cites the lack of clarity and concerns around increased days sales outstanding and accounts receivables for the downgrade.