Roth Capital’s healthcare analyst Joseph Pantginis weighed in with a few insights on Bioline RX Ltd (NASDAQ:BLRX), after the company announced the initiation of the Phase IIb study of BL-8040 in AML consolidation treatment. Additionally, the analyst reiterated a Buy rating on BLRX, with a $7.00 price target, which represents a potential upside of 346% from where the stock is currently trading.

Pantginis noted, “This study is an important first step in the development of BL-8040 and the planned broadening of its profile, in our belief. The rationale for this study comes from clinical and preclinical data showing that BL-8040 has a dual MOA: a) mobilizing leukemic blasts out of BM thereby exposing them to cytotoxic agents and b) direct induction of apoptosis in leukemic blasts.”

“We expect to receive an update about the Type B meeting with FDA regarding the planned Phase II study of BL-8040 in stem cell mobilization. Recall that Phase I study in healthy volunteers met all safety and efficacy endpoints. We believe these data represent important proof of concept demonstrating BL-8040’s efficacy in mobilizing SC as well as its differentiating characteristics from current SC mobilization procedure with GCSF and Mozobil,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -0.4% and a 40.1% success rate. Pantginis has a -7.4% average return when recommending BLRX, and is ranked #2946 out of 3738 analysts.

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