FBR Capital analyst Vernon Bernardino weighed in on Pluristem Therapeutics Inc. (NASDAQ:PSTI) following the an announcement that the company plans to initiate a Phase I trial to investigate its PLX-R18 drug. The drug is meant to treat patients who have undergone hematopoietic cell transplantation with insufficient hematopoietic recovery.

The analyst explains, “As its primary objective, this open-label, dose-escalation trial will measure the safety of PLX-R18 in patients with incomplete hematopoietic recovery lasting for six months or longer. While this trial is designed for a specific patient population, we think it would also generate safety data and provide early efficacy signals that could enable Pluristem to determine PLX-R18’s potential in a broader range of hematological cancers and radiation therapy-related hematological indications.”

The analyst sees an upside in the company’s stock and reiterates his Outperform rating for PSTI without a price target.

The consensus price target for PSTI is $3.00, marking a 94.81% upside from current levels.