Maxim Raises Biolinerx Price Target Following BL-8040 Update
In a research report sent to investors today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on shares of Biolinerx (NASDAQ:BLRX) and raised his price target to $8.00 (from $7), as the company held an investor conference last Friday to discuss progress in the development of BL-8040 for acute myeloid leukemia (AML) and other hematological indications.
Kolbert noted, “BL-8040 holds promise in AML alone, but we also see additional value in the non-AML indications, such as stem cell mobilization and autoimmune blood disorders. Although in early development, these show promise. As such, we are adjusting our metrics and increasing our price target to reflect this added potential.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of -0.2% and a 34.7% success rate. Kolbert has a -2.4% average return when recommending BLRX, and is ranked #2429 out of 3412 analysts.