Why ASLAN Pharmaceuticals Blasted Higher on Friday

Shareholders of ASLAN Pharmaceuticals (NASDAQ: ASLN) are primed for a good weekend. On Friday, thanks to a bullish research note, shares of the Singapore-based biotech surged as much as 20% higher before settling down to a 7% gain on the day.

That morning, analyst Maury Raycroft initiated coverage of ASLAN's stock, with a buy recommendation and a price target that immediately drew notice from investors. Raycroft believes the shares are worth $8 apiece, more than 150% higher than Thursday's closing price.

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Source Fool.com