Maxim yesterday morning downgraded Zivo Bioscience to Hold from Buy without a price target. The firm is positive on ZivoLife, the company’s proprietary algal biomass, and the potential to sign an agreement for its novel poultry feed ingredient, but say Zivo’s delisted status and capital constraints drive the downgrade. The firm expects the company to burn an average of $1.3M in cash per quarter through 2024, and believes it is funding current operations through registered direct equity sales to existing investors.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off