Ceapro is updated and rated Speculative Buy. As an early stage bio tech company, it is not very well suited to analysis by means of looking at earnings and the balance sheet. A good portion of its value lies in products that it has in development and which may or may not prove to be commercial. This is not a stock that I would take a large position in but rather is more suitable for a quite small speculative position. I have concerns about what I view as relatively poor disclosure and discussion of a decline in revenue in the latest quarter. Starting probably with its Q1 earnings report it will begin amortising a recent large investment in expanded facilities. It was not clear that revenues would immediately increase as a result of the expansion and therefore I am concerned that profits may decline in 2017. However this could still be a good investment if its products under development pan out. And a possible decline in earnings this year could lead to a good buying opportunity.