The group develops proprietary laboratory instrumentation based on Pressure Cycling Technology (PCT) target what it estimates is a $6bn market opportunity providing tools to 80,000 research labs worldwide.
Seethru Equity notes that the firm has made tremendous strides this year by improving its balance sheet and generating strong growth.
Revenues in the first half were $0.85mln - up 20% from a year ago.
"PBIO expects to eclipse $0.5mn in revenue in 3Q15, which would be a considerable milestone for the company as its annual run rate would surpass $2mn," it said.
"Meanwhile, PBIO has made substantial progress cleaning up its balance sheet. Since the close of 2Q15, the company has raised $3.28mn in two tranches of a $5mn private placement, which we believe will close in coming weeks."
It has price target of $1.57 on the stock and says it see the firm as an 'attractive, speculative' growth company.
"If achieved, the target represents potential upside of 554.2% from the recent price of $0.24," added Seethru Equity.
Meanwhile, Zacks Research said it continued to be bullish on the hares.
It has lifted its rating on the shares to 'buy' from 'hold' and has a 12 month target price of $2.50