In a report issued on October 12, George Zavoico from B.Riley FBR reiterated a Buy rating on Cellular Biomedicine Group (NASDAQ: CBMG), with a price target of $38. The company’s shares closed on Friday at $15.62.
Zavoico observed:
“Late last month on Group (CBMG) announced a strategic licensing and collaboration agreement with Novartis AG to manufacture Kymriah (tisagenlecleucel), their approved chimeric antigen T cell (CAR-T) therapy, in Chinese market. We recently met with CBMG management and they described the origin of this relationship and how it lays a foundation for CBMG’s growth into an innovative global biotechnology company. The agreement leverages the complementary expertise and resources of both companies for each other’s benefit. With more than 35 locations, Novartis has been in business in China for many years and has established expertise in regulatory affairs, marketing, distribution, and sales.”
According to TipRanks.com, Zavoico is a 2-star analyst with an average return of 0.0% and a 41.7% success rate. Zavoico covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Actinium Pharmaceuticals, and Asterias Biotherapeutics.
Currently, the analyst consensus on Cellular Biomedicine Group is a Moderate Buy with an average price target of $38.
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The company has a one-year high of $25 and a one-year low of $9.25. Currently, Cellular Biomedicine Group has an average volume of 58.43K.
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Cellular Biomedicine Group, Inc. is a clinical stage biopharmaceutical company, which engages in the development of new treatments for cancerous and degenerative diseases utilizing proprietary cell-based technologies.
