The Globe and Mail reports in its Friday edition that Leede Financial's Doug Loe cut his share target for Sernova to $1.50 from $3 with an unchanged "speculative buy" recommendation. The Globe's David Leeder writes that analysts on average target the shares at $2.76. Mr. Loe says in a note: "We consider Sernova's Phase I Cell Pouch update to be positive to the device's medical prospects, with new biochemical/cellular data showing that islets and all of their cellular sub-components can survive within the device post-implantation for at least five years. This is a duration that we consider to be far beyond the time duration at which we believe could be characterized as curative of disease. Encouragingly, all six patients initially enrolled in the first cohort of the study were able to achieve insulin independence and to experience stable blood levels of glycosylated hemoglobin in all cases. That said, we do consider the Phase I update to be more confirmatory of prior observations in this and other trials than it is revolutionary in its revelations. We have long been resolute in our view that Cell Pouch itself has virtually all of the characteristics that we deem necessary to support regenerative medicine therapies."