In a report released today, Kevin Degeeter from Ladenburg initiated coverage with a Buy rating on BioTime (BTX) and a price target of $3.50. The company’s shares opened today at $1.32, close to its 52-week low of $1.22.
Degeeter commented:
“We are initiating coverage of BTX with an Outperform rating and $3.50 PT. We believe new leadership is transforming BTX from a holding company of multiple technology platforms to a product development company committed to allocating necessary resources to the most promising drug, OpRegen for the treatment of dry AMD. We expect OpRegen to have peak end-market revenue of $1.3B. View the unwinding of non-core assets as nearing completion with: 1) reintegration of OPC1 for spinal cord injury from Asterias to be completed in 1Q19, 2) monetization of discovery- stage assets housed in AgeX now complete, and 3) public commitment to deprioritize development of Renevia for facial aesthetics. We look to the Ophthalmology meeting in 1H19 as the next clinical catalyst.”
According to TipRanks.com, Degeeter is ranked #405 out of 5108 analysts.
The word on The Street in general, suggests a Hold analyst consensus rating for BioTime.
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The company has a one-year high of $3.16 and a one-year low of $1.22. Currently, BioTime has an average volume of 469.6K.
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BioTime, Inc. is a clinical-stage biotechnology company, which deals with degenerative diseases. The company’s programs are based on two core proprietary technology platforms: cell replacement and cell and drug delivery. Its cell replacement platform creates new cells and tissues with its pluripotent and progenitor cell technologies.
