NEW YORK (TheStreet) --Shares of Nanosphere (NSPH) are gaining by 27.48% to $1.67 in mid-morning trading on Monday, after Luminex (LMNX) increased its bid to acquire the medical equipment technology company.

The purchase price has been raised to $1.70 per share from $1.35 per share. The all-cash transaction is valued at $77 million.

Luminex, a biotech company that develops, manufactures and sells biological testing technologies, raised its bid for Nanosphere following an unsolicited third party offer for the company at $1.50 per share.

Luminex announced on May 16 that it entered into an agreement to acquire Nanosphere.

"Nanosphere's Verigene platform, broad menu, and strong presence in the molecular microbiology market with over 240 customers complement Luminex's customer base. The combination will add a growing revenue stream and new platforms for growth," Luminex said in a statement announcing the deal last week.

Separately, TheStreet Ratings has set a "sell" rating and a score of D- on Nanosphere stock. This is driven by some concerns, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.

The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: NSPH

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