Zacks Small Cap Research analyst Grant Zeng was out pounding the table on Northwest Biotherapeutics, Inc (NASDAQ:NWBO) Monday, reiterating a Buy rating and raising the price target from $12 to $16, which implies an upside of 105% from current levels.

Zeng noted, “NWBO is making multiple progresses in its ongoing Phase III clinical trial of DCVax-L for brain cancer and Phase I/II trial of DCVax-Direct for solid tumors. Phase III of DCVax-L has been enrolling patient in the US, UK, Canada and Germany. Hospital Exemption in Germany is under way and UK is following suit.”

“We estimate DCVax L will be approved in 2H17. Sales of DCVax-L will reach $300 million in 2020 and EPS will be $1.43. We think a 30x P/E multiple is appropriate for NWBO, and then we come up with our fair value of $12 for the DCVax-L using 30% discount for 5 years. Then adding the $4 per share value from the company s early stage DCVax-Direct, we come up with the fair value of the company of $16 per share,” the analyst explained.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Grant Zeng has a total average return of -31.9% and a 0.0% success rate. Zeng is ranked #3526 out of 3743 analysts.

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