Horizon Technology price target raised to $11.75 from $11.25 at Compass Point

Compass Point analyst Casey Alexander raised the firm’s price target on Horizon Technology (HRZN) to $11.75 from $11.25 and keeps a Neutral rating on the shares. Evelo Biosciences (EVLO) used $5M of the offering proceeds from a private placement led by Flagship Pioneering to pay down Horizon’s debt and Horizon also traded another $5M of Evelo’s obligation for $5M in Evelo common shares, notes the analyst, who is “compelled to add back” an unrealized gain of 64c per share to the firm’s price target given the “explosive $20.5M rise in the value of the equity” that Horizon accepted in the Evelo loan restructuring.