Maxim Group analyst Jason McCarthy assigned a Buy rating to Biolinerx (NASDAQ: BLRX) today and set a price target of $2. The company’s shares opened today at $0.94.
McCarthy wrote:
“BioLineRx reported 1Q18 with expenses of $6.6M and ended the quarter with $44M in cash on the balance sheet. Based on the current $6-7M quarterly burn rate, we estimate BioLineRx has runway to late 2019. Over this period, we expect multiple data read-outs as well as presentations at the European Hematology Association (EHA) in June, that will include BL-8040 long-term survival data in AML as well as P2 data (previously announced) in allogeneic transplant.”
According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 4.8% and a 43.6% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.
Currently, the analyst consensus on Biolinerx is Strong Buy and the average price target is $3, representing a 219.1% upside.
In a report issued on May 17, Oppenheimer also assigned a Buy rating to the stock with a $3 price target.
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Based on Biolinerx’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $7.57 million. In comparison, last year the company had a GAAP net loss of $5.01 million.
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BioLineRx Ltd. is a clinical-stage biopharmaceutical company, which includes indentifying, in-licensing, and developing therapeutic candidates. Its in-licenses novel compounds, primarily from academic institutions and biotech companies based in Israel, and develops them through pre-clinical and clinical stages, and then partners with pharmaceutical companies clinical development and commercialization. The company was founded in April 2003 and is headquartered in Modi’in, Israel.
